Reliance (NYSE:RS) Shares Gap Up – Should You Buy?

Reliance, Inc. (NYSE:RS)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $283.04, but opened at $298.54. Reliance shares last traded at $292.84, with a volume of 38,349 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RS shares. BMO Capital Markets decreased their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. The Goldman Sachs Group started coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target for the company. Finally, KeyCorp decreased their target price on Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research note on Wednesday, January 22nd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $328.17.

Reliance Price Performance

The business has a 50-day moving average price of $283.25 and a 200 day moving average price of $289.17. The company has a market cap of $15.73 billion, a price-to-earnings ratio of 15.96 and a beta of 0.91. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

Insider Activity

In other news, 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 completion of the sale, the chief executive officer now owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Reliance

Hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank increased its position in Reliance by 26.7% during the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock worth $2,371,000 after buying an additional 1,729 shares during the last quarter. Assetmark Inc. increased its position in Reliance by 24.2% during the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock worth $8,074,000 after buying an additional 5,431 shares during the last quarter. Dearborn Partners LLC increased its position in Reliance by 4.1% during the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after buying an additional 3,419 shares during the last quarter. Pure Financial Advisors LLC increased its position in Reliance by 232.9% during the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock worth $2,499,000 after buying an additional 6,493 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Reliance by 1.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock worth $36,963,000 after buying an additional 1,696 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Company Profile

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.