Reliance (NYSE:RS) PT Lowered to $330.00

Reliance (NYSE:RS) had its price objective lowered by BMO Capital Markets from $340.00 to $330.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. BMO Capital Markets’ price target suggests a potential upside of 16.39% from the stock’s current price.

RS has been the subject of several other reports. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a report on Friday, July 26th. KeyCorp dropped their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $326.40.

Reliance Trading Down 3.5 %

NYSE RS opened at $283.54 on Friday. The company’s fifty day simple moving average is $283.64 and its 200-day simple moving average is $290.87. Reliance has a 52 week low of $237.14 and a 52 week 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. The stock has a market cap of $15.60 billion, a P/E ratio of 14.47 and a beta of 0.85.

Reliance (NYSE:RS) last released its 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). The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.00 EPS. Equities research analysts predict that Reliance will post 17.16 EPS for the current fiscal year.

Institutional Trading of Reliance

Institutional investors and hedge funds have recently modified their holdings of the stock. Innealta Capital LLC acquired a new position in Reliance during the 2nd quarter worth approximately $28,000. UMB Bank n.a. increased its position in Reliance by 27.0% during the 3rd 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 during the period. National Bank of Canada FI increased its position in Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after buying an additional 41 shares during the period. Headlands Technologies LLC bought a new position in Reliance during the 1st quarter worth $86,000. Finally, International Assets Investment Management LLC bought a new position in Reliance during the 2nd quarter worth $117,000. 79.26% of the stock is owned by institutional investors.

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.