Reliance (NYSE:RS) Price Target Cut to $325.00 by Analysts at KeyCorp

Reliance (NYSE:RS) had its price objective lowered by KeyCorp from $341.00 to $325.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

A number of other research firms have also recently commented on RS. Bank of America lowered their target price on Reliance from $340.00 to $335.00 and set a neutral rating for the company in a research note on Wednesday, June 26th. StockNews.com lowered Reliance from a buy rating to a hold rating in a research report on Wednesday, May 15th. BMO Capital Markets reduced their target price on shares of Reliance from $355.00 to $345.00 and set an outperform rating on the stock in a research report on Friday, April 26th. Finally, Citigroup lowered shares of Reliance from a buy rating to a neutral rating and increased their price target for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $346.25.

Reliance Stock Down 0.2 %

Shares of NYSE:RS opened at $282.24 on Wednesday. Reliance has a 1 year low of $237.14 and a 1 year high of $342.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.21. The stock’s 50-day moving average is $290.23 and its 200 day moving average is $300.63. The company has a market cap of $16.21 billion, a PE ratio of 13.18 and a beta of 0.87.

Reliance (NYSE:RS) last posted its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The business had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the firm posted $6.37 earnings per share. Reliance’s quarterly revenue was down 8.1% on a year-over-year basis. Sell-side analysts anticipate that Reliance will post 18.66 EPS for the current year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 24th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Thursday, May 23rd. Reliance’s dividend payout ratio is presently 20.55%.

Insider Buying and Selling

In other news, Director James Donald Hoffman sold 5,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the sale, the director now owns 49,042 shares in the company, valued at $14,212,862.02. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the completion of the transaction, the director now owns 49,042 shares in the company, valued at $14,212,862.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the stock in a transaction on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the sale, the chief operating officer now directly owns 7,552 shares in the company, valued at $2,230,709.76. The disclosure for this sale can be found here. Insiders have sold a total of 40,421 shares of company stock worth $11,866,855 in the last quarter. Corporate insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RS. Sequoia Financial Advisors LLC increased its position in shares of Reliance by 378.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,919 shares of the industrial products company’s stock valued at $1,655,000 after purchasing an additional 4,682 shares during the last quarter. UBS Group AG increased its holdings in Reliance by 262.0% during the fourth quarter. UBS Group AG now owns 45,016 shares of the industrial products company’s stock valued at $12,590,000 after buying an additional 32,580 shares during the last quarter. MMCAP International Inc. SPC bought a new position in Reliance in the fourth quarter worth approximately $845,000. Vest Financial LLC boosted its stake in shares of Reliance by 35.2% during the 4th quarter. Vest Financial LLC now owns 47,759 shares of the industrial products company’s stock worth $13,357,000 after acquiring an additional 12,423 shares during the last quarter. Finally, Comerica Bank bought a new stake in shares of Reliance during the 3rd quarter valued at $8,173,000. Institutional investors own 79.26% of the company’s stock.

About Reliance

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.