Reliance (NYSE:RS) Raised to Peer Perform at Wolfe Research

Reliance (NYSE:RS) was upgraded by Wolfe Research from an “underperform” rating to a “peer perform” rating in a research report issued on Wednesday, Marketbeat reports.

Several other equities analysts also recently weighed in on RS. 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 price objective for the company. KeyCorp cut their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Finally, BMO Capital Markets lowered their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Reliance presently has a consensus rating of “Hold” and an average target price of $328.83.

Reliance Stock Down 1.1 %

Reliance stock opened at $267.27 on Wednesday. The stock’s 50 day moving average price is $296.11 and its 200 day moving average price is $290.05. The company has a market cap of $14.46 billion, a PE ratio of 14.68 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. Reliance has a 1-year low of $256.98 and a 1-year high of $342.20.

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

Insider Activity at Reliance

In other news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction that occurred 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. In the last quarter, insiders sold 21,724 shares of company stock valued at $6,856,500. 0.69% of the stock is owned by insiders.

Hedge Funds Weigh In On Reliance

A number of hedge funds have recently made changes to their positions in the stock. Fulton Bank N.A. raised its position in shares of Reliance by 11.3% in the 4th quarter. Fulton Bank N.A. now owns 1,747 shares of the industrial products company’s stock worth $470,000 after buying an additional 177 shares during the period. Oliver Luxxe Assets LLC raised its holdings in shares of Reliance by 5.0% in the 4th quarter. Oliver Luxxe Assets LLC now owns 21,176 shares of the industrial products company’s stock worth $5,702,000 after purchasing an additional 1,002 shares during the period. Nordea Investment Management AB raised its holdings in shares of Reliance by 11.0% in the 4th quarter. Nordea Investment Management AB now owns 4,951 shares of the industrial products company’s stock worth $1,332,000 after purchasing an additional 489 shares during the period. Everence Capital Management Inc. purchased a new stake in shares of Reliance during the 4th quarter worth about $302,000. Finally, GAMMA Investing LLC grew its holdings in shares of Reliance by 18.1% during the 4th quarter. GAMMA Investing LLC now owns 823 shares of the industrial products company’s stock worth $222,000 after purchasing an additional 126 shares during the period. Institutional investors and hedge funds 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.