Reliance, Inc. (NYSE:RS) Receives $328.83 Consensus Price Target from Brokerages

Shares of Reliance, Inc. (NYSE:RS) have been given an average recommendation of “Hold” by the six brokerages that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $328.83.

A number of equities analysts have recently weighed in on RS shares. The Goldman Sachs Group began coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price on the stock. BMO Capital Markets cut their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, KeyCorp decreased their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th.

Reliance Price Performance

RS opened at $270.98 on Monday. Reliance has a 1 year low of $256.98 and a 1 year high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The company has a market capitalization of $14.67 billion, a price-to-earnings ratio of 14.88 and a beta of 0.87. The firm’s fifty day moving average price is $301.07 and its two-hundred day moving average price is $291.10.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share 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 firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter last year, the firm posted $5.00 earnings per share. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, analysts anticipate that Reliance will post 16.42 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is 24.16%.

Insiders Place Their Bets

In other news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction dated 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 sale, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock valued at $6,856,500 over the last ninety days. 0.69% of the stock is currently owned by insiders.

Institutional Trading of Reliance

Several institutional investors and hedge funds have recently modified their holdings of the business. Innealta Capital LLC bought a new position in Reliance in the second quarter valued at $28,000. Quarry LP bought a new stake in Reliance in the 3rd quarter worth approximately $41,000. UMB Bank n.a. boosted its stake in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after buying an additional 53 shares in the last quarter. National Bank of Canada FI grew its position in Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 41 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of Reliance during the third quarter worth approximately $78,000. 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.