Reliance, Inc. (NYSE:RS) Stock Has Average Price Target of $400.29

Shares of Reliance, Inc. (NYSE:RS) have been given an average rating of “Hold” by the ten analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, one has issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $407.75.

RS has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on Reliance from $400.00 to $420.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 28th. Wells Fargo & Company raised their price objective on shares of Reliance from $391.00 to $420.00 and gave the stock an “equal weight” rating in a report on Thursday, October 22nd. Weiss Ratings cut Reliance from a “buy (b)” rating to a “hold (c)” rating in a research note on Wednesday, October 28th. Citigroup boosted their price target on shares of Reliance from $420.00 to $460.00 and gave the stock a “neutral” rating in a research report on Friday, November 6th. Finally, BMO Capital Markets increased their price objective on Reliance from $390.00 to $415.00 and gave the company a “market perform” rating in a report on Monday, July 27th.

Reliance Stock Up 1.5%

Shares of RS opened at $427.60 on Friday. The business’s fifty day moving average price is $406.46 and its two-hundred day moving average price is $372.00. The firm has a market capitalization of $21.78 billion, a price-to-earnings ratio of 19.93, a PEG ratio of 0.83 and a beta of 0.95. Reliance has a 52 week low of $263.12 and a 52 week high of $454.93. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.22 and a current ratio of 4.12.

Reliance (NYSE:RS) last announced its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share for the quarter, topping the consensus estimate of $6.83 by $1.19. Reliance had a return on equity of 15.31% and a net margin of 6.38%. The firm had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same period in the previous year, the business posted $3.64 EPS. The company’s quarterly revenue was up 42.8% compared to the same quarter last year. On average, analysts predict that Reliance will post 26.54 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 20th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, November 20th. Reliance’s payout ratio is currently 23.31%.

Insider Activity at Reliance

In other Reliance news, COO Stephen Koch sold 8,334 shares of the company’s stock in a transaction on 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 transaction, the chief operating officer directly owned 8,209 shares in the company, valued at $3,537,011.83. The trade was a 50.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Private Advisor Group LLC lifted its holdings in Reliance by 35.5% during the 3rd quarter. Private Advisor Group LLC now owns 3,805 shares of the industrial products company’s stock worth $1,464,000 after purchasing an additional 996 shares during the last quarter. Independent Advisor Alliance increased its position in Reliance by 2.1% during the third quarter. Independent Advisor Alliance now owns 1,222 shares of the industrial products company’s stock worth $499,000 after acquiring an additional 25 shares during the period. OneAscent Family Office LLC acquired a new stake in Reliance in the 3rd quarter worth about $223,000. Meeder Asset Management Inc. raised its stake in Reliance by 16,446.7% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,446 shares of the industrial products company’s stock worth $2,865,000 after purchasing an additional 7,401 shares in the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new stake in Reliance in the 3rd quarter worth about $435,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Company Profile

Reliance, Inc. is a metal service center company that distributes metals and provides processing services to customers across a range of industries. Its products include carbon steel, stainless steel, aluminum, alloy steel, brass, copper and other metals. The company processes materials to customer specifications through services such as cutting, sawing, slitting, machining, forming and laser, plasma or waterjet cutting. These services help customers prepare metal for use in manufacturing, construction, transportation, energy and other applications.