Wells Fargo & Company Lowers Reliance (NYSE:RS) Price Target to $391.00

Reliance (NYSE:RS) had its price objective cut by equities researchers at Wells Fargo & Company from $398.00 to $391.00 in a report released on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 0.50% from the company’s current price.

RS has been the subject of several other reports. Zacks Research upgraded shares of Reliance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. KeyCorp raised 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 lifted their target price on shares of Reliance from $390.00 to $415.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Bank of America cut shares of Reliance from a “neutral” rating to an “underperform” rating and set a $365.00 price target for the company. in a research report on Thursday, April 30th. Finally, JPMorgan Chase & Co. lowered their price target on Reliance from $378.00 to $376.00 and set a “neutral” rating for the company in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $377.50.

Reliance Trading Up 0.3%

NYSE:RS traded up $1.18 on Monday, hitting $389.07. 60,037 shares of the stock were exchanged, compared to its average volume of 353,789. The stock has a fifty day moving average of $398.80 and a 200-day moving average of $360.86. The stock has a market cap of $19.87 billion, a PE ratio of 22.67, a PEG ratio of 1.00 and a beta of 0.96. The company has a current ratio of 4.30, a quick ratio of 2.27 and a debt-to-equity ratio of 0.22. Reliance has a fifty-two week low of $260.31 and a fifty-two week high of $433.02.

Reliance (NYSE:RS) last released its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share for the quarter, beating the consensus estimate of $5.47 by $0.80. Reliance had a return on equity of 12.51% and a net margin of 5.65%.The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.26 billion. During the same period in the previous year, the company posted $4.43 EPS. The company’s revenue was up 26.5% compared to the same quarter last year. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. As a group, equities analysts expect that Reliance will post 22.23 earnings per share for the current fiscal year.

Insider Activity at Reliance

In other news, CFO Arthur Ajemyan sold 2,200 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $410.11, for a total transaction of $902,242.00. Following the transaction, 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 document filed with the SEC, which is available at this hyperlink. Also, SVP William A. Smith II sold 2,353 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total transaction of $974,636.13. Following the completion of the transaction, the senior vice president owned 19,394 shares of the company’s stock, valued at $8,033,188.74. This trade represents a 10.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Reliance

A number of institutional investors have recently added to or reduced their stakes in RS. Costello Asset Management INC purchased a new position in Reliance in the 1st quarter valued at about $30,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Reliance during the second quarter worth about $37,000. Brown Brothers Harriman & Co. increased its position in shares of Reliance by 86.2% during the fourth quarter. Brown Brothers Harriman & Co. now owns 108 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 50 shares during the last quarter. Compass Financial Management LLC acquired a new position in shares of Reliance in the second quarter worth about $46,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Reliance in the second quarter worth about $41,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

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.