Reliance (NYSE:RS) Price Target Raised to $327.00 at KeyCorp

Reliance (NYSE:RS) had its price target upped by KeyCorp from $321.00 to $327.00 in a report published on Monday,Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

Several other research analysts also recently issued reports on the stock. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. The Goldman Sachs Group assumed coverage on Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $329.17.

Reliance Stock Down 0.5 %

Shares of NYSE:RS opened at $299.55 on Monday. Reliance has a 12-month low of $256.98 and a 12-month high of $342.20. The stock has a market capitalization of $16.21 billion, a price-to-earnings ratio of 19.40 and a beta of 0.90. The stock has a fifty day simple moving average of $282.16 and a two-hundred day simple moving average of $289.46. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS) last posted its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a return on equity of 11.87% and a net margin of 6.33%. The company had revenue of $3.13 billion during the quarter, compared to analysts’ expectations of $3.04 billion. On average, research analysts anticipate that Reliance will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.60%. This is a boost from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date is Friday, March 7th. Reliance’s dividend payout ratio (DPR) is presently 31.09%.

Insider Buying and Selling at Reliance

In other news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the sale, the chief executive officer now directly owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.69% of the company’s stock.

Institutional Investors Weigh In On Reliance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RS. Quent Capital LLC lifted its stake in shares of Reliance by 4.1% in the 4th quarter. Quent Capital LLC now owns 941 shares of the industrial products company’s stock valued at $253,000 after purchasing an additional 37 shares during the last quarter. Johnson Investment Counsel Inc. increased its position in shares of Reliance by 0.4% during the 4th quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company’s stock valued at $3,002,000 after purchasing an additional 39 shares during the last quarter. Townsquare Capital LLC raised its holdings in Reliance by 3.1% during the 4th quarter. Townsquare Capital LLC now owns 1,342 shares of the industrial products company’s stock valued at $361,000 after buying an additional 40 shares during the period. Forum Financial Management LP raised its holdings in Reliance by 2.8% during the 4th quarter. Forum Financial Management LP now owns 1,619 shares of the industrial products company’s stock valued at $436,000 after buying an additional 44 shares during the period. Finally, Lido Advisors LLC lifted its position in Reliance by 4.9% in the fourth quarter. Lido Advisors LLC now owns 998 shares of the industrial products company’s stock worth $269,000 after buying an additional 47 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

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.