Reliance, Inc. (NYSE:RS) Stock Has Average Target Price of $400.29

Shares of Reliance, Inc. (NYSE:RS) have received an average rating of “Hold” from the ten analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $415.50.

Several research firms have issued reports on RS. Wall Street Zen raised shares of Reliance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 31st. Citigroup lifted their price objective on shares of Reliance from $420.00 to $460.00 and gave the company a “neutral” rating in a research report on Friday, November 6th. Weiss Ratings lowered shares of Reliance from a “buy (b)” rating to a “hold (c)” rating in a research note on Wednesday, October 28th. Wells Fargo & Company upped their target price on shares of Reliance from $391.00 to $420.00 and gave the company an “equal weight” rating in a report on Thursday, October 22nd. Finally, Zacks Research upgraded shares of Reliance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd.

Insider Activity

In other news, COO Stephen Koch sold 8,334 shares of Reliance stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $430.87, for a total transaction of $3,590,870.58. Following the completion of the transaction, the chief operating officer directly owned 8,209 shares in the company, valued at approximately $3,537,011.83. The trade was a 50.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Reliance

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Reliance in the second quarter valued at $2,171,081,000. Bank of New York Mellon Corp bought a new position in shares of Reliance in the second quarter valued at about $176,913,000. William Blair Investment Management LLC acquired a new stake in shares of Reliance during the 2nd quarter worth about $142,900,000. Advisors Asset Management Inc. acquired a new stake in shares of Reliance during the 3rd quarter worth about $135,760,000. Finally, Corient Private Wealth LP acquired a new stake in shares of Reliance during the 2nd quarter worth about $129,799,000. Institutional investors own 79.26% of the company’s stock.

Reliance Trading Up 0.8%

RS opened at $433.49 on Friday. The stock has a market capitalization of $22.08 billion, a P/E ratio of 20.21, a P/E/G ratio of 0.85 and a beta of 0.95. Reliance has a 12 month low of $263.12 and a 12 month high of $454.93. The firm’s fifty day simple moving average is $407.93 and its 200 day simple moving average is $373.04. The company has a current ratio of 4.12, a quick ratio of 2.22 and a debt-to-equity ratio of 0.21.

Reliance (NYSE:RS) last released its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share for the quarter, topping analysts’ consensus estimates of $6.83 by $1.19. The firm had revenue of $5.21 billion during the quarter, compared to the consensus estimate of $4.74 billion. Reliance had a return on equity of 15.31% and a net margin of 6.38%. The business’s revenue was up 42.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.64 EPS. As a group, research analysts anticipate that Reliance will post 26.54 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Friday, November 20th will be paid a $1.25 dividend. The ex-dividend date is Friday, November 20th. This represents a $5.00 annualized dividend and a yield of 1.2%. Reliance’s dividend payout ratio is currently 23.31%.

Reliance News Summary

Investors following RS have been watching these news items:

• Positive Sentiment: Barclays upgraded Reliance from “equal weight” to “overweight” and raised its price target to $507 from $445, implying 17% upside from the cited $433.49 price. Tickerreport coverage
• Positive Sentiment: A Zacks article names Reliance among momentum-stock picks, alongside Arrow Electronics and PBF Energy, citing momentum after recent pullbacks. Zacks article
• Neutral Sentiment: A Yahoo Finance article asks whether Reliance can repeat its performance over the past five years; the headline provides historical-performance context but no specific new company catalyst. Yahoo Finance article

About Reliance

Reliance, Inc. is a metal service center company that distributes metals and provides processing services to customers across a range of industries. Its products include carbon steel, stainless steel, aluminum, alloy steel, brass, copper and other metals. The company processes materials to customer specifications through services such as cutting, sawing, slitting, machining, forming and laser, plasma or waterjet cutting. These services help customers prepare metal for use in manufacturing, construction, transportation, energy and other applications.