Reliance, Inc. (NYSE:RS) Receives $329.40 Consensus Price Target from Brokerages

Reliance, Inc. (NYSE:RS) has earned an average rating of “Hold” from the five research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $329.40.

A number of equities analysts have commented on the stock. Bank of America reduced their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a report on Friday, July 26th. Finally, KeyCorp dropped their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd.

Reliance Price Performance

Shares of NYSE:RS opened at $277.11 on Friday. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $287.16 and a 200 day moving average price of $298.61. The company has a market cap of $15.91 billion, a price-to-earnings ratio of 12.94 and a beta of 0.85. Reliance has a twelve month low of $237.14 and a twelve month high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.73 by ($0.08). The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the company earned $6.49 EPS. Research analysts predict that Reliance will post 17.21 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $1.10 dividend. The ex-dividend date was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a yield of 1.59%. Reliance’s dividend payout ratio is presently 20.55%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Reliance in the first quarter worth about $25,000. Innealta Capital LLC acquired a new position in shares of Reliance in the 2nd quarter valued at approximately $28,000. Contravisory Investment Management Inc. bought a new stake in Reliance during the 1st quarter worth approximately $30,000. Rise Advisors LLC acquired a new stake in Reliance during the 1st quarter worth approximately $49,000. Finally, National Bank of Canada FI lifted its stake in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

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.