KeyCorp Lowers Reliance (NYSE:RS) Price Target to $325.00

Reliance (NYSE:RS) had its target price reduced by research analysts at KeyCorp from $341.00 to $325.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective would indicate a potential upside of 15.15% from the stock’s current price.

A number of other brokerages have also recently commented on RS. Bank of America lowered their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. BMO Capital Markets cut their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Finally, Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $346.25.

Reliance Price Performance

Shares of RS stock opened at $282.24 on Wednesday. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. Reliance has a 12 month low of $237.14 and a 12 month high of $342.20. The firm has a market cap of $16.21 billion, a price-to-earnings ratio of 13.18 and a beta of 0.86. The stock has a 50-day moving average price of $290.03 and a 200 day moving average price of $300.50.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same period last year, the firm earned $6.37 earnings per share. The company’s quarterly revenue was down 8.1% on a year-over-year basis. Research analysts expect that Reliance will post 18.66 EPS for the current year.

Insiders Place Their Bets

In other news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $290.04, for a total value of $1,450,200.00. Following the completion of the transaction, the director now owns 44,042 shares in the company, valued at approximately $12,773,941.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $290.04, for a total transaction of $1,450,200.00. Following the sale, the director now owns 44,042 shares in the company, valued at approximately $12,773,941.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the completion of the transaction, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The disclosure for this sale can be found here. Insiders have sold 40,421 shares of company stock valued at $11,866,855 in the last three months. 0.69% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Reliance

Several hedge funds have recently bought and sold shares of RS. Riverview Trust Co bought a new position in Reliance during the first quarter worth $25,000. Contravisory Investment Management Inc. acquired a new stake in shares of Reliance during the 1st quarter worth about $30,000. Partnership Wealth Management LLC bought a new stake in shares of Reliance during the 4th quarter worth about $43,000. Rise Advisors LLC acquired a new position in Reliance in the 1st quarter valued at about $49,000. Finally, Rational Advisors LLC raised its holdings in Reliance by 33.6% in the 1st quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock valued at $53,000 after acquiring an additional 40 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

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.