Brokerages Set Reliance, Inc. (NYSE:RS) Price Target at $328.83

Shares of Reliance, Inc. (NYSE:RS) have been given an average rating of “Hold” by the six analysts that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $328.83.

Several brokerages recently weighed in on RS. KeyCorp cut their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. 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, The Goldman Sachs Group assumed coverage on Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company.

Insider Activity at Reliance

In other news, CEO Karla R. Lewis sold 3,892 shares of the firm’s stock in a transaction that occurred on 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 approximately $27,569,396.30. This trade represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the sale, the chief financial officer now owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,724 shares of company stock valued at $6,856,500 in the last ninety days. Insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Innealta Capital LLC purchased a new stake in shares of Reliance in the second quarter valued at about $28,000. Quarry LP purchased a new stake in Reliance in the 3rd quarter valued at approximately $41,000. 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 purchasing an additional 53 shares during the period. Brooklyn Investment Group purchased a new position in shares of Reliance during the 3rd quarter worth approximately $78,000. Finally, National Bank of Canada FI lifted its holdings in shares of Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Stock Down 0.6 %

Shares of NYSE RS opened at $269.73 on Monday. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The business’s 50 day moving average is $300.02 and its two-hundred day moving average is $290.93. Reliance has a 52-week low of $256.98 and a 52-week high of $342.20. The firm has a market cap of $14.60 billion, a price-to-earnings ratio of 14.81 and a beta of 0.87.

Reliance (NYSE:RS) last posted its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). The firm 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%. Reliance’s revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the company posted $5.00 EPS. Research analysts predict that Reliance will post 16.42 EPS for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.63%. The ex-dividend date was Friday, November 22nd. Reliance’s payout ratio is 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.