Reliance (NYSE:RS) Stock Gets Downgrade from Wall Street Zen

Reliance (NYSE:RS) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Sunday, Wall Street Zen reports.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company dropped their price objective on shares of Reliance from $398.00 to $391.00 and set an “equal weight” rating on the stock in a report on Monday, August 24th. Zacks Research upgraded Reliance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. KeyCorp raised their target price on Reliance from $418.00 to $421.00 and gave the stock an “overweight” rating in a research note on Monday, October 5th. BMO Capital Markets lifted their price target on Reliance from $390.00 to $415.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Finally, Citigroup reiterated a “neutral” rating on shares of Reliance in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $382.00.

Reliance Stock Down 0.3%

RS stock opened at $401.25 on Friday. The stock has a market capitalization of $20.49 billion, a PE ratio of 23.33, a price-to-earnings-growth ratio of 0.97 and a beta of 0.95. Reliance has a 52 week low of $260.31 and a 52 week high of $433.02. The company has a quick ratio of 2.27, a current ratio of 4.30 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average of $399.38 and a 200 day moving average of $379.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.47 by $0.80. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.26 billion. Reliance had a net margin of 5.65% and a return on equity of 12.51%. Reliance’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.43 EPS. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. Sell-side analysts forecast that Reliance will post 23.70 earnings per share for the current year.

Insider Buying and Selling at Reliance

In other Reliance news, SVP William Smith, II sold 2,353 shares of Reliance stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total value of $974,636.13. Following the completion of the transaction, the senior vice president owned 19,394 shares of the company’s stock, valued at approximately $8,033,188.74. The trade was a 10.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Arthur Ajemyan sold 2,200 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $410.11, for a total transaction of $902,242.00. Following the completion of the transaction, the chief financial officer owned 14,640 shares of the company’s stock, valued at approximately $6,004,010.40. This trade represents a 13.06% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Reliance

Several institutional investors and hedge funds have recently modified their holdings of RS. XXEC Inc. acquired a new stake in shares of Reliance in the second quarter valued at approximately $127,493,000. BlackRock Inc. purchased a new position in Reliance during the second quarter worth approximately $2,171,081,000. Bank of New York Mellon Corp acquired a new position in Reliance during the second quarter worth $176,913,000. William Blair Investment Management LLC acquired a new position in Reliance during the second quarter worth $142,900,000. Finally, Corient Private Wealth LP acquired a new position in Reliance during the second quarter worth $129,799,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Key Stories Impacting Reliance

Here are the key news stories impacting Reliance this week:

• Positive Sentiment: JPMorgan reportedly expects Reliance, Inc. (RS) shares to rise, providing a positive signal from a major investment bank. Reliance Stock Price Expected to Rise
• Positive Sentiment: Wall Street Zen reportedly upgraded RS to a “Buy” rating, adding support to the bullish case despite mixed broader analyst sentiment. Reliance Stock Dropped to Buy

About Reliance

Reliance, operating as Reliance Steel & Aluminum Co (NYSE: RS), is a diversified metals service center company. It distributes a broad range of metals, including carbon steel, stainless steel, aluminum, copper, brass, titanium and specialty steel products, serving manufacturers, fabricators, construction companies and other industrial customers.

The company provides value-added services designed to prepare metals for customer use. These services include cutting, leveling, slitting, sawing, machining, forming, coating, welding and other fabrication processes.