Wells Fargo & Company Cuts Reliance (NYSE:RS) Price Target to $372.00

Reliance (NYSE:RS) had its price objective dropped by Wells Fargo & Company from $376.00 to $372.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 2.44% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. The Goldman Sachs Group initiated coverage on shares of Reliance in a research note on Wednesday, April 1st. They issued a “neutral” rating and a $300.00 price objective for the company. KeyCorp upped their target price on shares of Reliance from $378.00 to $418.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. BMO Capital Markets raised their price target on shares of Reliance from $320.00 to $350.00 and gave the stock a “market perform” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. upped their price objective on shares of Reliance from $345.00 to $378.00 and gave the company a “neutral” rating in a research report on Wednesday, June 10th. Finally, Seaport Research Partners lifted their target price on Reliance from $340.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Reliance presently has an average rating of “Hold” and a consensus price target of $363.83.

Reliance Trading Up 0.5%

NYSE RS opened at $381.29 on Thursday. Reliance has a twelve month low of $260.31 and a twelve month high of $419.83. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.24 and a current ratio of 4.39. The stock has a market cap of $19.46 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 1.17 and a beta of 0.97. The firm’s 50 day moving average price is $381.56 and its two-hundred day moving average price is $339.56.

Reliance (NYSE:RS) last released its earnings results on Wednesday, April 22nd. The industrial products company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.63 by $0.53. The company had revenue of $4.03 billion during the quarter, compared to analyst estimates of $3.89 billion. Reliance had a return on equity of 11.37% and a net margin of 5.42%.The company’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.77 earnings per share. Reliance has set its Q2 2026 guidance at 5.150-5.350 EPS. Equities analysts anticipate that Reliance will post 19.26 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Arthur Ajemyan sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $358.12, for a total transaction of $1,253,420.00. Following the completion of the sale, the chief financial officer owned 16,840 shares of the company’s stock, valued at approximately $6,030,740.80. This trade represents a 17.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Reliance

Large investors have recently bought and sold shares of the business. CWA Asset Management Group LLC bought a new position in shares of Reliance in the fourth quarter valued at about $10,297,000. Assenagon Asset Management S.A. increased its position in Reliance by 24.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 24,284 shares of the industrial products company’s stock valued at $7,015,000 after acquiring an additional 4,817 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Reliance by 49.4% in the third quarter. JPMorgan Chase & Co. now owns 342,796 shares of the industrial products company’s stock worth $96,268,000 after acquiring an additional 113,378 shares during the last quarter. ProCore Advisors LLC acquired a new position in shares of Reliance during the fourth quarter worth approximately $18,787,000. Finally, Arjuna Capital acquired a new stake in shares of Reliance in the fourth quarter valued at approximately $1,838,000. 79.26% of the stock is currently owned by institutional investors.

About Reliance

Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.