Reliance, Inc. (NYSE:RS) Receives $326.40 Consensus Price Target from Analysts

Shares of Reliance, Inc. (NYSE:RS) have been assigned a consensus recommendation of “Hold” from the six ratings firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $328.83.

A number of brokerages have recently weighed in on RS. KeyCorp cut their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. The Goldman Sachs Group started coverage on shares of Reliance in a research report on Monday. They set a “neutral” rating and a $341.00 price target for the company. Finally, BMO Capital Markets decreased their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th.

Reliance Stock Performance

Shares of Reliance stock opened at $319.70 on Thursday. The company has a 50 day moving average price of $299.47 and a 200 day moving average price of $291.77. The firm has a market capitalization of $17.30 billion, a P/E ratio of 17.56 and a beta of 0.85. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance has a 52 week low of $261.77 and a 52 week high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the firm posted $5.00 earnings per share. The company’s quarterly revenue was down 5.6% on a year-over-year basis. Sell-side analysts expect that Reliance will post 16.42 EPS for the current year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.38%. Reliance’s dividend payout ratio is presently 24.16%.

Insider Buying and Selling at Reliance

In other news, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,832 shares of company stock valued at $5,595,881. Corporate insiders own 0.69% of the company’s stock.

Institutional Investors Weigh In On Reliance

Several institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of Reliance by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after buying an additional 53,747 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Reliance by 19.7% in the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after acquiring an additional 77,937 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Reliance by 7.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock worth $85,616,000 after purchasing an additional 20,056 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Reliance by 78.5% during the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after purchasing an additional 127,422 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Reliance by 0.3% in the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after purchasing an additional 528 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Company Profile

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.