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

Reliance, Inc. (NYSE:RS) has been given a consensus rating of “Hold” by the six analysts that are presently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $328.17.

RS has been the topic of a number of recent research reports. KeyCorp cut their target price on Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a report on Wednesday. BMO Capital Markets decreased their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. The Goldman Sachs Group started coverage on shares of Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target on the stock. Finally, Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th.

Insider Buying and Selling

In other news, SVP William A. Smith II sold 6,500 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the transaction, the senior vice president now owns 16,849 shares in the company, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,724 shares of company stock valued at $6,856,500. 0.69% of the stock is owned by insiders.

Hedge Funds Weigh In On Reliance

Several large investors have recently modified their holdings of the business. Virtu Financial LLC boosted its stake in Reliance by 68.2% in the 2nd quarter. Virtu Financial LLC now owns 4,276 shares of the industrial products company’s stock worth $1,221,000 after purchasing an additional 1,734 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in shares of Reliance by 2.3% in the second quarter. Mercer Global Advisors Inc. ADV now owns 27,950 shares of the industrial products company’s stock valued at $7,982,000 after acquiring an additional 637 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in Reliance by 10.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 15,512 shares of the industrial products company’s stock valued at $4,275,000 after acquiring an additional 1,418 shares in the last quarter. SkyOak Wealth LLC purchased a new stake in Reliance in the 2nd quarter worth approximately $225,000. Finally, Hsbc Holdings PLC lifted its stake in Reliance by 78.5% in the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after purchasing an additional 127,422 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Trading Up 0.2 %

RS opened at $287.98 on Friday. The company has a fifty day moving average price of $290.69 and a two-hundred day moving average price of $290.13. Reliance has a 1-year low of $256.98 and a 1-year high of $342.20. The company has a market cap of $15.59 billion, a P/E ratio of 15.81 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.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period last year, the company posted $5.00 earnings per share. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. Analysts predict that Reliance will post 16.38 EPS for the current fiscal year.

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.