BMO Capital Markets Lowers Reliance (NYSE:RS) Price Target to $345.00

Reliance (NYSE:RS) had its target price cut by BMO Capital Markets from $355.00 to $345.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 16.95% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. KeyCorp boosted their target price on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $280.00 to $380.00 in a report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Reliance has an average rating of “Moderate Buy” and an average target price of $362.33.

Reliance Stock Up 1.0 %

Shares of NYSE RS traded up $2.87 during mid-day trading on Friday, hitting $295.00. 251,172 shares of the stock traded hands, compared to its average volume of 245,814. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66. Reliance has a 52 week low of $229.12 and a 52 week high of $342.20. The company has a market cap of $16.94 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 5.52 and a beta of 0.87. The stock has a fifty day moving average price of $325.69 and a 200-day moving average price of $291.40.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 9.02% and a return on equity of 17.53%. The firm had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the prior year, the firm earned $6.37 earnings per share. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. Research analysts anticipate that Reliance will post 19.51 EPS for the current year.

Insider Transactions at Reliance

In other news, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the completion of the transaction, the chief financial officer now owns 15,577 shares in the company, valued at $5,030,592.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $322.96, for a total transaction of $209,924.00. Following the completion of the sale, the chief executive officer now owns 83,884 shares in the company, valued at $27,091,176.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total value of $968,850.00. Following the sale, the chief financial officer now owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The disclosure for this sale can be found here. Insiders sold 85,996 shares of company stock worth $27,603,878 over the last quarter. 0.69% of the stock is currently owned by insiders.

Institutional Trading of Reliance

Hedge funds have recently bought and sold shares of the company. AE Wealth Management LLC purchased a new stake in Reliance in the third quarter worth about $388,000. SG Americas Securities LLC raised its position in Reliance by 113.0% during the third quarter. SG Americas Securities LLC now owns 1,706 shares of the industrial products company’s stock valued at $447,000 after purchasing an additional 905 shares during the period. Exchange Traded Concepts LLC raised its position in Reliance by 57.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,072 shares of the industrial products company’s stock valued at $806,000 after purchasing an additional 1,126 shares during the period. UMB Bank n.a. raised its holdings in shares of Reliance by 26.4% in the third quarter. UMB Bank n.a. now owns 230 shares of the industrial products company’s stock worth $60,000 after buying an additional 48 shares during the period. Finally, Asset Management One Co. Ltd. raised its holdings in shares of Reliance by 16.1% in the third quarter. Asset Management One Co. Ltd. now owns 28,146 shares of the industrial products company’s stock worth $7,381,000 after buying an additional 3,894 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

About Reliance

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.