Reliance (NYSE:RS) PT Lowered to $325.00

Reliance (NYSE:RS) had its target price cut by KeyCorp from $335.00 to $325.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Several other analysts have also issued reports on the company. Bank of America dropped their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Reliance has a consensus rating of “Hold” and a consensus target price of $329.40.

Reliance Stock Up 0.5 %

NYSE:RS opened at $292.16 on Monday. The stock has a market cap of $16.78 billion, a price-to-earnings ratio of 13.65 and a beta of 0.85. The stock has a 50-day moving average price of $282.40 and a two-hundred day moving average price of $293.09. Reliance has a 1 year low of $237.14 and a 1 year high of $342.20. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $6.49 earnings per share. As a group, equities analysts expect that Reliance will post 17.16 earnings per share for the current year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio is currently 20.55%.

Institutional Investors Weigh In On Reliance

A number of large investors have recently added to or reduced their stakes in RS. Acadian Asset Management LLC boosted its holdings in shares of Reliance by 20.8% in the 1st quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock valued at $358,270,000 after purchasing an additional 184,509 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of Reliance by 78.5% in the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after acquiring an additional 127,422 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Reliance by 21.5% in the 1st quarter. Principal Financial Group Inc. now owns 348,534 shares of the industrial products company’s stock valued at $116,473,000 after acquiring an additional 61,687 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Reliance by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after acquiring an additional 53,747 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Reliance by 21.1% in the 2nd quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company’s stock valued at $57,871,000 after acquiring an additional 35,336 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

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.