Reliance (NYSE:RS) Now Covered by The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of Reliance (NYSE:RS) in a research note published on Monday, MarketBeat reports. The brokerage issued a neutral rating and a $341.00 price objective on the industrial products company’s stock.

Several other analysts have also issued reports on the company. BMO Capital Markets dropped their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. KeyCorp lowered their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $328.83.

Reliance Price Performance

NYSE RS opened at $319.70 on Monday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The stock has a market cap of $17.30 billion, a price-to-earnings ratio of 17.79 and a beta of 0.85. The business has a 50 day simple moving average of $299.47 and a 200 day simple moving average of $291.77. Reliance has a 52-week low of $261.77 and a 52-week high of $342.20.

Reliance (NYSE:RS) last released its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. Reliance’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter last year, the company posted $5.00 EPS. Analysts anticipate that Reliance will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio is 24.16%.

Insider Activity

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the transaction, the chief financial officer now owns 9,245 shares in the company, valued at $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,832 shares of company stock worth $5,595,881. Corporate insiders own 0.69% of the company’s stock.

Institutional Trading of Reliance

Hedge funds have recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in shares of Reliance in the 2nd quarter valued at $28,000. Quarry LP bought a new position in shares of Reliance in the 3rd quarter worth about $41,000. UMB Bank n.a. lifted its stake in shares of Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares during the period. National Bank of Canada FI boosted its position in shares of Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 41 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in Reliance during the third quarter worth approximately $78,000. 79.26% of the stock is owned by institutional investors and hedge funds.

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.