Reliance (NYSE:RS) Price Target Cut to $345.00

Reliance (NYSE:RS) had its price objective dropped by analysts at BMO Capital Markets from $355.00 to $345.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 18.71% from the stock’s previous close.

A number of other equities analysts have also weighed in on RS. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and upped their target price for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. KeyCorp upped their target price on shares of Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $362.33.

Reliance Price Performance

RS opened at $290.62 on Friday. The company has a quick ratio of 3.23, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. Reliance has a 12 month low of $229.12 and a 12 month high of $342.20. The company has a fifty day simple moving average of $324.16 and a 200 day simple moving average of $291.60. The stock has a market cap of $16.69 billion, a P/E ratio of 13.57, a P/E/G ratio of 5.15 and a beta of 0.87.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the prior year, the company earned $6.37 EPS. Reliance’s quarterly revenue was down 8.1% on a year-over-year basis. On average, research analysts expect that Reliance will post 19.51 EPS for the current year.

Insider Transactions at Reliance

In other news, Director James Donald Hoffman sold 40,000 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the completion of the transaction, the director now directly owns 54,042 shares in the company, valued at approximately $17,452,863.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Arthur Ajemyan sold 3,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the transaction, the chief financial officer now directly owns 15,577 shares in the company, valued at approximately $5,030,592.15. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director James Donald Hoffman sold 40,000 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the transaction, the director now owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock worth $27,603,878 in the last three months. Insiders own 0.69% of the company’s stock.

Institutional Investors Weigh In On Reliance

Hedge funds have recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in Reliance in the 1st quarter valued at about $25,000. Contravisory Investment Management Inc. bought a new position in Reliance in the 1st quarter valued at about $30,000. Millburn Ridgefield Corp bought a new position in Reliance in the 3rd quarter valued at about $33,000. Catalyst Capital Advisors LLC bought a new position in Reliance in the 3rd quarter valued at about $33,000. Finally, Partnership Wealth Management LLC bought a new position in Reliance in the 4th quarter valued at about $43,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

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.