Reliance (NYSE:RS) Price Target Cut to $330.00 by Analysts at BMO Capital Markets

Reliance (NYSE:RS) had its price objective trimmed by BMO Capital Markets from $340.00 to $330.00 in a report published on Friday morning, Benzinga reports. The firm currently has an outperform rating on the industrial products company’s stock.

A number of other research analysts have also weighed in on RS. KeyCorp cut their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $326.40.

Reliance Price Performance

RS stock traded down $10.26 during trading on Friday, reaching $283.54. The company’s stock had a trading volume of 368,712 shares, compared to its average volume of 319,721. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The company’s fifty day moving average is $283.64 and its 200-day moving average is $291.18. The company has a market capitalization of $15.60 billion, a P/E ratio of 14.47 and a beta of 0.85. Reliance has a 1 year low of $237.14 and a 1 year high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $5.00 earnings per share. On average, research analysts expect that Reliance will post 17.16 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is 22.46%.

Institutional Trading of Reliance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in shares of Reliance during the second quarter valued at approximately $28,000. UMB Bank n.a. increased its holdings in shares of Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares during the period. National Bank of Canada FI raised its holdings in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 41 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Reliance in the first quarter valued at approximately $86,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Reliance in the 2nd quarter worth $117,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

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.