Wolfe Research Upgrades Reliance (NYSE:RS) to “Peer Perform”

Reliance (NYSE:RS) was upgraded by research analysts at Wolfe Research from an “underperform” rating to a “peer perform” rating in a research note issued on Wednesday,Briefing.com Automated Import reports.

RS has been the subject of several other reports. The Goldman Sachs Group assumed coverage on shares of Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective for the company. KeyCorp lowered their price target 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, 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 report on Friday, October 25th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $328.83.

Reliance Stock Down 0.3 %

Shares of NYSE:RS opened at $270.57 on Wednesday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The firm has a market cap of $14.64 billion, a price-to-earnings ratio of 14.86 and a beta of 0.91. The stock’s 50-day moving average price is $296.94 and its two-hundred day moving average price is $290.37. Reliance has a 12-month low of $256.98 and a 12-month high of $342.20.

Reliance (NYSE:RS) last released 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). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period in the prior year, the business posted $5.00 earnings per share. Reliance’s revenue was down 5.6% on a year-over-year basis. On average, research analysts forecast that Reliance will post 16.42 EPS for the current year.

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This represents a 4.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock valued at $6,856,500 over the last 90 days. 0.69% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Reliance

Institutional investors have recently modified their holdings of the company. National Bank of Canada FI raised its position in shares of 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 in the last quarter. Private Advisor Group LLC raised its holdings in Reliance by 11.6% during the second quarter. Private Advisor Group LLC now owns 3,901 shares of the industrial products company’s stock worth $1,114,000 after purchasing an additional 404 shares in the last quarter. Candriam S.C.A. lifted its position in Reliance by 5.6% in the second quarter. Candriam S.C.A. now owns 4,181 shares of the industrial products company’s stock worth $1,194,000 after purchasing an additional 221 shares during the period. Savant Capital LLC boosted its stake in Reliance by 26.5% during the 2nd quarter. Savant Capital LLC now owns 1,903 shares of the industrial products company’s stock valued at $543,000 after purchasing an additional 399 shares in the last quarter. Finally, Prudential PLC increased its position in shares of Reliance by 439.6% during the 2nd quarter. Prudential PLC now owns 14,225 shares of the industrial products company’s stock valued at $4,063,000 after purchasing an additional 11,589 shares during the period. Institutional investors own 79.26% of the company’s stock.

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.