Reliance (NYSE:RS) Stock Gets Price Target Boost from JPMorgan Chase & Co.

Reliance (NYSE:RS) had its price objective increased by investment analysts at JPMorgan Chase & Co. from $400.00 to $420.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 3.90% from the company’s current price.

A number of other research analysts also recently weighed in on the company. KeyCorp increased their target price on Reliance from $421.00 to $437.00 and gave the company an “overweight” rating in a report on Monday. BMO Capital Markets boosted their price target on Reliance from $390.00 to $415.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Citigroup reaffirmed a “neutral” rating on shares of Reliance in a research report on Wednesday, July 29th. Zacks Research upgraded shares of Reliance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Finally, Wall Street Zen downgraded shares of Reliance from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 11th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Reliance has an average rating of “Hold” and an average price target of $400.29.

Reliance Stock Performance

Reliance stock traded up $4.25 during midday trading on Wednesday, reaching $437.04. 210,144 shares of the company traded hands, compared to its average volume of 341,337. Reliance has a 12 month low of $263.12 and a 12 month high of $437.36. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.12 and a quick ratio of 2.22. The business has a 50 day moving average of $398.07 and a two-hundred day moving average of $366.28. The firm has a market capitalization of $22.32 billion, a price-to-earnings ratio of 20.33, a price-to-earnings-growth ratio of 0.89 and a beta of 0.95.

Reliance (NYSE:RS) last posted its earnings results on Wednesday, October 21st. The industrial products company reported $8.02 EPS for the quarter, topping analysts’ consensus estimates of $6.83 by $1.19. The business had revenue of $5.21 billion during the quarter, compared to the consensus estimate of $4.74 billion. Reliance had a net margin of 6.38% and a return on equity of 15.31%. The firm’s revenue was up 42.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.64 EPS. As a group, research analysts predict that Reliance will post 24.63 earnings per share for the current year.

Insider Activity at Reliance

In other news, CFO Arthur Ajemyan sold 2,200 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $410.11, for a total value of $902,242.00. Following the completion of the transaction, the chief financial officer owned 14,640 shares of the company’s stock, valued at $6,004,010.40. This represents a 13.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Choreo LLC boosted its position in shares of Reliance by 6.1% during the third quarter. Choreo LLC now owns 1,502 shares of the industrial products company’s stock valued at $578,000 after buying an additional 86 shares during the period. Childress Capital Advisors LLC grew its stake in shares of Reliance by 4.9% during the third quarter. Childress Capital Advisors LLC now owns 600 shares of the industrial products company’s stock valued at $231,000 after buying an additional 28 shares during the last quarter. Generali Asset Management SPA SGR raised its holdings in shares of Reliance by 739.1% in the third quarter. Generali Asset Management SPA SGR now owns 1,460 shares of the industrial products company’s stock worth $562,000 after buying an additional 1,286 shares during the period. Asset Management One Co. Ltd. raised its holdings in shares of Reliance by 9.3% in the third quarter. Asset Management One Co. Ltd. now owns 41,580 shares of the industrial products company’s stock worth $16,001,000 after buying an additional 3,522 shares during the period. Finally, Park Avenue Securities LLC raised its holdings in shares of Reliance by 42.7% in the third quarter. Park Avenue Securities LLC now owns 3,154 shares of the industrial products company’s stock worth $1,214,000 after buying an additional 944 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance News Summary

Here are the key news stories impacting Reliance this week:

• Neutral Sentiment: Jio Platforms reportedly debuted at a roughly 21% premium following its ₹30,213 crore IPO, lifting Reliance Industries’ combined group valuation above Tata Group and Adani Group. This is relevant to Reliance Industries shareholders, but not directly to Reliance, Inc. (NYSE: RS). Jio IPO helps Reliance overtake Tata Group as India’s most valuable conglomerate
• Neutral Sentiment: Coverage highlights Jio’s listing as a major wealth-creation event and identifies it as the 12th Reliance Group company to list on India’s exchanges. These developments do not affect RS’s operations, earnings or valuation. Jio Platforms becomes 12th Reliance Group company to list on NSE
• Neutral Sentiment: Other reports discuss Reliance Industries’ valuation, its history of wealth creation and expectations surrounding Jio’s market debut. Investors in RS should avoid treating these headlines as news about the NYSE-listed company. Jio becomes India’s second-most valuable company
• Neutral Sentiment: A separate report says Reliance Industries awarded VA Tech Wabag an approximately ₹1,000 crore order. This may benefit the supplier, but it is not an announcement from Reliance, Inc. and should not materially influence RS. VA Tech Wabag receives order from Reliance Industries

About Reliance

Reliance, Inc (NYSE: RS) is a diversified metals service center company that supplies processed metal products and related services to industrial manufacturers, fabricators, and other commercial customers. Its product offerings include carbon steel, stainless steel, aluminum, copper, brass, and other specialty metals.

The company provides value-added processing services such as cutting, slitting, leveling, blanking, machining, forming, and precision sawing. These services allow customers to purchase metals in customized sizes and specifications, helping reduce their need for in-house processing and inventory management.

Founded in 1939, Reliance serves a broad range of industries, including nonresidential construction, transportation, aerospace and defense, energy, electronics, machinery, and general manufacturing.