Wells Fargo & Company Cuts Reliance (NYSE:RS) Price Target to $391.00

Reliance (NYSE:RS) had its target price reduced by Wells Fargo & Company from $398.00 to $391.00 in a research note released on Monday,Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. cut their price objective on Reliance from $378.00 to $376.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Reliance in a research report on Thursday, August 13th. Citigroup reiterated a “neutral” rating on shares of Reliance in a research note on Wednesday, July 29th. Bank of America downgraded Reliance from a “neutral” rating to an “underperform” rating and set a $365.00 target price on the stock. in a report on Thursday, April 30th. Finally, Seaport Research Partners boosted their price target on Reliance from $340.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Reliance presently has an average rating of “Hold” and an average price target of $377.50.

Reliance Price Performance

RS opened at $390.63 on Monday. Reliance has a 52-week low of $260.31 and a 52-week high of $433.02. The company has a 50 day moving average of $397.51 and a two-hundred day moving average of $361.79. The company has a market cap of $19.95 billion, a P/E ratio of 22.71, a P/E/G ratio of 0.99 and a beta of 0.96. The company has a quick ratio of 2.27, a current ratio of 4.30 and a debt-to-equity ratio of 0.22.

Reliance (NYSE:RS) last issued its earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 EPS for the quarter, beating analysts’ consensus estimates of $5.47 by $0.80. The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.26 billion. Reliance had a net margin of 5.65% and a return on equity of 12.51%. The business’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter last year, the firm posted $4.43 EPS. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. On average, analysts expect that Reliance will post 22.23 earnings per share for the current year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $5.00 annualized dividend and a yield of 1.3%. Reliance’s payout ratio is 29.07%.

Insiders Place Their Bets

In other Reliance news, SVP William A. Smith II sold 2,353 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total value of $974,636.13. Following the completion of the transaction, the senior vice president directly owned 19,394 shares of the company’s stock, valued at $8,033,188.74. This represents a 10.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Arthur Ajemyan sold 2,200 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $410.11, for a total value of $902,242.00. Following the completion of the transaction, the chief financial officer directly owned 14,640 shares of the company’s stock, valued at $6,004,010.40. This represents a 13.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Reliance

Hedge funds have recently made changes to their positions in the business. PFA Pension Forsikringsaktieselskab acquired a new stake in Reliance during the 4th quarter worth about $61,317,000. Arjuna Capital acquired a new position in shares of Reliance in the fourth quarter worth about $1,838,000. Forsta AP Fonden purchased a new position in shares of Reliance in the fourth quarter worth approximately $2,022,000. Fulcrum Wealth Advisors LLC acquired a new stake in shares of Reliance during the fourth quarter valued at approximately $2,529,000. Finally, Versor Investments LP acquired a new stake in shares of Reliance during the fourth quarter valued at approximately $399,000. Institutional investors own 79.26% of the company’s stock.

About Reliance

Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.