Reliance, Inc. (NYSE:RS) Receives Consensus Recommendation of “Hold” from Brokerages

Reliance, Inc. (NYSE:RS) has received a consensus recommendation of “Hold” from the six research firms that are covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $328.17.

RS has been the subject of several research reports. BMO Capital Markets dropped their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. The Goldman Sachs Group began coverage on Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price for the company. KeyCorp decreased their price target on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 22nd. Finally, Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th.

Insiders Place Their Bets

In other news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.69% of the company’s stock.

Institutional Trading of Reliance

Several large investors have recently modified their holdings of the stock. Quarry LP acquired a new position in Reliance during the 3rd quarter valued at about $41,000. Versant Capital Management Inc lifted its holdings in shares of Reliance by 157.8% in the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 131 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after buying an additional 53 shares during the last quarter. Brooklyn Investment Group bought a new stake in Reliance during the third quarter worth $78,000. Finally, Jones Financial Companies Lllp raised its position in Reliance by 1,216.0% in the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company’s stock valued at $89,000 after buying an additional 304 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Price Performance

NYSE:RS opened at $291.07 on Tuesday. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance has a 12-month low of $256.98 and a 12-month high of $342.20. The stock’s 50 day moving average price is $283.79 and its two-hundred day moving average price is $289.27. The firm has a market capitalization of $15.75 billion, a price-to-earnings ratio of 15.98 and a beta of 0.91.

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.