BMO Capital Markets Lowers Reliance (NYSE:RS) Price Target to $330.00

Reliance (NYSE:RS) had its price target lowered by investment analysts at BMO Capital Markets from $340.00 to $330.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. BMO Capital Markets’ price objective points to a potential upside of 16.39% from the stock’s previous close.

RS has been the subject of a number of other research reports. KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Reliance currently has an average rating of “Hold” and an average target price of $326.40.

Reliance Stock Performance

NYSE:RS opened at $283.54 on Friday. The stock’s 50-day simple moving average is $283.64 and its 200 day simple moving average is $290.87. Reliance has a twelve month low of $237.14 and a twelve month high of $342.20. The firm has a market capitalization of $15.60 billion, a PE ratio of 14.47 and a beta of 0.85. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15.

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

Institutional Trading of Reliance

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Trust Point Inc. increased its stake in Reliance by 3.6% in the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock worth $281,000 after acquiring an additional 34 shares during the last quarter. Astoria Portfolio Advisors LLC. boosted its holdings in shares of Reliance by 4.9% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 36 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Reliance by 17.9% in the 2nd 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. Fulton Bank N.A. boosted its holdings in shares of Reliance by 3.1% in the 3rd quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after purchasing an additional 47 shares in the last quarter. Finally, Consolidated Planning Corp boosted its holdings in shares of Reliance by 7.1% in the 2nd quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock worth $215,000 after purchasing an additional 50 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

About Reliance

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.