Reliance, Inc. (NYSE:RS) Given Average Recommendation of “Hold” by Brokerages

Reliance, Inc. (NYSE:RS) has been given an average rating of “Hold” by the five research firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $329.40.

Several research analysts have recently commented on the company. KeyCorp reduced their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research report on Wednesday, July 3rd. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research report on Friday, July 26th. Finally, Bank of America cut their price objective on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th.

Hedge Funds Weigh In On Reliance

A number of hedge funds have recently bought and sold shares of RS. Riverview Trust Co acquired a new stake in shares of Reliance in the first quarter valued at about $25,000. Innealta Capital LLC acquired a new position in shares of Reliance during the second quarter valued at approximately $28,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance in the first quarter valued at approximately $30,000. Rise Advisors LLC acquired a new stake in shares of Reliance in the first quarter worth approximately $49,000. Finally, National Bank of Canada FI boosted its stake in shares of Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Down 0.4 %

Shares of RS opened at $283.49 on Wednesday. The firm has a fifty day moving average price of $282.39 and a 200-day moving average price of $294.63. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $16.28 billion, a P/E ratio of 13.24 and a beta of 0.85. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.73 by ($0.08). The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period last year, the company earned $6.49 EPS. Equities research analysts expect that Reliance will post 17.16 earnings per share for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio is currently 20.55%.

Reliance Company Profile

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.