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

Reliance, Inc. (NYSE:RS) has earned an average recommendation of “Hold” from the six brokerages that are presently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $328.83.

RS has been the subject of several analyst reports. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. BMO Capital Markets lowered their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. KeyCorp lowered 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. Finally, The Goldman Sachs Group began coverage on Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company.

Insider Activity

In related news, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the transaction, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Karla R. Lewis sold 3,892 shares of the 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 sale, the chief executive officer now owns 85,117 shares in the company, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,724 shares of company stock valued at $6,856,500 over the last three months. Corporate insiders own 0.69% of the company’s stock.

Institutional Investors Weigh In On Reliance

Several institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC raised its position in shares of Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after buying an additional 127,422 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Reliance by 27,269.0% in the third quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock worth $32,453,000 after buying an additional 111,803 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Reliance by 19.7% in the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after buying an additional 77,937 shares in the last quarter. KBC Group NV raised its position in shares of Reliance by 68.8% in the third quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock worth $40,391,000 after buying an additional 56,933 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new stake in shares of Reliance in the third quarter worth $12,389,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Trading Up 1.5 %

Shares of RS stock opened at $288.58 on Friday. The stock’s fifty day moving average price is $292.92 and its two-hundred day moving average price is $290.05. The company has a market cap of $15.62 billion, a PE ratio of 15.85 and a beta of 0.91. Reliance has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31.

Reliance (NYSE:RS) last released its quarterly earnings data 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 net margin of 7.42% and a return on equity of 13.68%. The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period last year, the business earned $5.00 EPS. The company’s revenue was down 5.6% compared to the same quarter last year. Equities analysts predict that Reliance will post 16.42 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

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.