JPMorgan Chase & Co. Cuts Reliance (NYSE:RS) Price Target to $390.00

Reliance (NYSE:RS) had its target price reduced by JPMorgan Chase & Co. from $398.00 to $390.00 in a report released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the industrial products company’s stock.

A number of other equities research analysts have also weighed in on the stock. BMO Capital Markets lifted their target price on shares of Reliance from $390.00 to $415.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Wall Street Zen downgraded shares of Reliance from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 31st. Wells Fargo & Company lowered their price objective on shares of Reliance from $398.00 to $391.00 and set an “equal weight” rating for the company in a report on Monday, August 24th. Citigroup reaffirmed a “neutral” rating on shares of Reliance in a research report on Wednesday, July 29th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Reliance in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Reliance has an average rating of “Hold” and a consensus target price of $379.83.

Reliance Price Performance

RS opened at $393.90 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.27 and a current ratio of 4.30. The stock has a market capitalization of $20.11 billion, a PE ratio of 22.90, a price-to-earnings-growth ratio of 0.99 and a beta of 0.96. The stock’s 50 day moving average price is $399.24 and its 200-day moving average price is $365.90. Reliance has a 52-week low of $260.31 and a 52-week high of $433.02.

Reliance (NYSE:RS) last announced its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 EPS for the quarter, topping analysts’ consensus estimates of $5.47 by $0.80. The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.26 billion. Reliance had a return on equity of 12.51% and a net margin of 5.65%.The firm’s revenue was up 26.5% on a year-over-year basis. During the same quarter last year, the firm posted $4.43 earnings per share. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. On average, equities research analysts predict that Reliance will post 22.53 EPS for the current year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were paid a $1.25 dividend. The ex-dividend date was Friday, August 14th. This represents a $5.00 annualized dividend and a dividend yield of 1.3%. Reliance’s dividend payout ratio is presently 29.07%.

Insider Buying and Selling

In other Reliance news, CFO Arthur Ajemyan sold 2,200 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $410.11, for a total value of $902,242.00. Following the sale, the chief financial officer directly owned 14,640 shares of the company’s stock, valued at approximately $6,004,010.40. The trade was a 13.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP William A. Smith II sold 2,353 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $414.21, for a total value of $974,636.13. Following the completion of the sale, the senior vice president directly owned 19,394 shares in the company, valued at approximately $8,033,188.74. This represents a 10.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Reliance

A number of hedge funds have recently bought and sold shares of the company. XXEC Inc. purchased a new stake in Reliance during the 2nd quarter valued at about $127,493,000. California State Teachers Retirement System raised its holdings in Reliance by 20,857.7% in the second quarter. California State Teachers Retirement System now owns 32,965,343 shares of the industrial products company’s stock worth $12,315,852,000 after buying an additional 32,808,048 shares during the last quarter. BlackRock Inc. purchased a new position in Reliance in the second quarter worth about $2,171,081,000. State Street Corp lifted its stake in shares of Reliance by 4.5% in the fourth quarter. State Street Corp now owns 2,715,764 shares of the industrial products company’s stock worth $784,503,000 after buying an additional 118,009 shares in the last quarter. Finally, Boston Partners lifted its stake in shares of Reliance by 27.5% in the third quarter. Boston Partners now owns 2,247,603 shares of the industrial products company’s stock worth $631,224,000 after buying an additional 484,286 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Reliance Company Profile

Reliance, Inc (NYSE: RS) is a diversified metals service center company that purchases, processes and distributes metals and related industrial products. Its product portfolio includes carbon steel, aluminum, stainless steel, copper, brass, titanium and other specialty metals.

The company provides value-added processing services such as cutting, leveling, sawing, machining, forming and preparing materials to customer specifications. These services help manufacturers and other commercial users reduce material-handling requirements and obtain metals in ready-to-use forms.

Founded in 1939 and headquartered in Los Angeles, California, Reliance serves customers through a network of operations primarily across North America, with additional international capabilities.