Reliance (NYSE:RS) Price Target Raised to $420.00

Reliance (NYSE:RS) had its price objective hoisted by JPMorgan Chase & Co. from $400.00 to $420.00 in a research report released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the industrial products company’s stock.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company lifted their price objective on shares of Reliance from $391.00 to $420.00 and gave the company an “equal weight” rating in a research note on Thursday, October 22nd. Zacks Research upgraded shares of Reliance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Wall Street Zen cut shares of Reliance from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 11th. Citigroup restated a “neutral” rating on shares of Reliance in a research report on Wednesday, July 29th. Finally, KeyCorp upped their price target on shares of Reliance from $421.00 to $437.00 and gave the stock an “overweight” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $400.29.

Reliance Trading Down 0.6%

Reliance stock opened at $437.28 on Wednesday. The company has a quick ratio of 2.22, a current ratio of 4.12 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average price of $400.34 and a two-hundred day moving average price of $368.21. The firm has a market capitalization of $22.28 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.93 and a beta of 0.95. Reliance has a 52-week low of $263.12 and a 52-week high of $442.94.

Reliance (NYSE:RS) last announced its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $8.02 EPS for the quarter, beating the consensus estimate of $6.83 by $1.19. The company had revenue of $5.21 billion for the quarter, compared to analyst estimates of $4.74 billion. Reliance had a net margin of 6.38% and a return on equity of 15.31%. Reliance’s revenue was up 42.8% compared to the same quarter last year. During the same quarter last year, the business earned $3.64 earnings per share. Sell-side analysts expect that Reliance will post 24.99 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Friday, November 20th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $5.00 annualized dividend and a yield of 1.1%. Reliance’s dividend payout ratio (DPR) is currently 23.31%.

Insider Transactions at Reliance

In other Reliance news, COO Stephen Koch sold 8,334 shares of the business’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $430.87, for a total value of $3,590,870.58. Following the sale, the chief operating officer directly owned 8,209 shares in the company, valued at approximately $3,537,011.83. The trade was a 50.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.40% of the stock is currently owned by insiders.

Institutional Trading of Reliance

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Childress Capital Advisors LLC grew its holdings in shares of Reliance by 4.9% in the third quarter. Childress Capital Advisors LLC now owns 600 shares of the industrial products company’s stock worth $231,000 after purchasing an additional 28 shares during the last quarter. Citizens Financial Group Inc. RI lifted its holdings in Reliance by 4.9% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 616 shares of the industrial products company’s stock valued at $237,000 after buying an additional 29 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Reliance by 1.7% during the 1st quarter. Parallel Advisors LLC now owns 1,908 shares of the industrial products company’s stock valued at $580,000 after buying an additional 31 shares in the last quarter. Greenleaf Trust boosted its position in Reliance by 2.0% in the 2nd quarter. Greenleaf Trust now owns 1,614 shares of the industrial products company’s stock valued at $603,000 after buying an additional 32 shares during the period. Finally, Kathmere Capital Management LLC boosted its position in Reliance by 4.8% in the 1st quarter. Kathmere Capital Management LLC now owns 824 shares of the industrial products company’s stock valued at $250,000 after buying an additional 38 shares during the period. 79.26% of the stock is currently owned by institutional investors.

Trending Headlines about Reliance

Here are the key news stories impacting Reliance this week:

• Positive Sentiment: Quarterly earnings beat expectations: Reliance’s third-quarter earnings surged 120.3% year over year, supported by higher steel prices, record shipments and contributions from border-wall projects. The strong sales and profit growth reinforces the company’s favorable earnings momentum. Reliance third-quarter earnings report
• Positive Sentiment: Analyst sees additional upside: A JPMorgan analyst reportedly expects Reliance stock to rise, providing a supportive signal for investor sentiment. However, the broader analyst consensus remains cautious, with several firms maintaining neutral or equal-weight ratings. JPMorgan Reliance stock outlook
• Neutral Sentiment: Strong fundamentals are already reflected in the valuation: Reliance recently reported quarterly EPS of $8.02 versus a $6.83 consensus estimate, while revenue rose 42.8% year over year to $5.21 billion. The results are favorable, but the stock is trading near its 52-week high, increasing the risk of profit-taking and limiting the impact of additional good news.
• Negative Sentiment: COO sells a substantial stake: COO Stephen Koch sold 8,334 shares for approximately $3.59 million, reducing his ownership by about 50%. The sale may weigh on sentiment because it occurred near recent highs, although insider transactions can be routine and do not necessarily indicate deteriorating business conditions. Reliance COO insider sale
• Neutral Sentiment: Indian Reliance headlines are unrelated: Reports about Reliance Industries, Jio Platforms, and Reliance Retail—including strong consolidated profit growth and Jio’s listing—concern the separate Indian conglomerate, not Reliance, Inc. (NYSE: RS). They should not be treated as direct catalysts for RS.

Reliance Company Profile

Reliance, Inc (NYSE: RS) is a diversified metals service center company that supplies processed metal products and related services to industrial manufacturers, fabricators, and other commercial customers. Its product offerings include carbon steel, stainless steel, aluminum, copper, brass, and other specialty metals.

The company provides value-added processing services such as cutting, slitting, leveling, blanking, machining, forming, and precision sawing. These services allow customers to purchase metals in customized sizes and specifications, helping reduce their need for in-house processing and inventory management.

Founded in 1939, Reliance serves a broad range of industries, including nonresidential construction, transportation, aerospace and defense, energy, electronics, machinery, and general manufacturing.