Reliance (NYSE:RS) Price Target Lowered to $321.00 at KeyCorp

Reliance (NYSE:RS) had its target price cut by KeyCorp from $325.00 to $321.00 in a report published on Wednesday,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

A number of other research analysts have also recently commented on RS. BMO Capital Markets reduced their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. The Goldman Sachs Group initiated coverage on Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. Finally, Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $328.17.

Reliance Stock Down 1.0 %

Shares of NYSE:RS opened at $287.70 on Wednesday. The stock has a 50-day simple moving average of $291.14 and a 200-day simple moving average of $290.15. The stock has a market capitalization of $15.57 billion, a P/E ratio of 15.80 and a beta of 0.91. Reliance has a 1 year low of $256.98 and a 1 year high of $342.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31.

Reliance (NYSE:RS) last released its quarterly earnings data 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 business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period in the previous year, the company earned $5.00 EPS. Reliance’s revenue was down 5.6% on a year-over-year basis. Equities analysts forecast that Reliance will post 16.42 earnings per share for the current year.

Insider Buying and Selling at Reliance

In other Reliance news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction that occurred 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 sale, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction that occurred on Monday, October 28th. The stock was 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. Insiders have sold a total of 21,724 shares of company stock valued at $6,856,500 in the last three months. Corporate insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Reliance

Several large investors have recently added to or reduced their stakes in RS. 1832 Asset Management L.P. lifted its position in shares of Reliance by 1.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,644 shares of the industrial products company’s stock worth $1,898,000 after buying an additional 127 shares during the last quarter. Evergreen Capital Management LLC bought a new position in Reliance in the second quarter worth about $417,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Reliance by 60.3% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 10,998 shares of the industrial products company’s stock valued at $3,141,000 after acquiring an additional 4,136 shares during the period. Trinity Legacy Partners LLC raised its position in shares of Reliance by 1.2% during the 2nd quarter. Trinity Legacy Partners LLC now owns 7,936 shares of the industrial products company’s stock worth $2,267,000 after purchasing an additional 97 shares during the period. Finally, AXA S.A. lifted its holdings in shares of Reliance by 5.4% in the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock worth $22,658,000 after purchasing an additional 4,032 shares during the last quarter. 79.26% of the stock is currently owned by 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.