Reliance, Inc. (NYSE:RS) Receives $329.40 Consensus Target Price from Analysts

Reliance, Inc. (NYSE:RS) has been assigned an average recommendation of “Hold” from the five ratings firms that are presently covering the firm, MarketBeat 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 brokers that have issued a report on the stock in the last year is $329.40.

RS has been the topic of several recent analyst reports. KeyCorp decreased their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 3rd. Bank of America lowered their target price on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, Wolfe Research cut 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.

Institutional Trading of Reliance

Hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new stake in shares of Reliance during the second quarter worth $3,073,000. Northwestern Mutual Wealth Management Co. increased its holdings in Reliance by 4.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,240 shares of the industrial products company’s stock worth $926,000 after purchasing an additional 134 shares during the period. Creative Planning raised its position in Reliance by 0.4% in the 2nd quarter. Creative Planning now owns 65,956 shares of the industrial products company’s stock valued at $18,837,000 after purchasing an additional 289 shares in the last quarter. Scientech Research LLC purchased a new position in shares of Reliance in the 2nd quarter valued at about $413,000. Finally, MBB Public Markets I LLC acquired a new position in shares of Reliance during the second quarter worth about $1,205,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Trading Down 1.8 %

Shares of RS opened at $281.03 on Friday. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20. The firm has a market capitalization of $15.46 billion, a P/E ratio of 13.13 and a beta of 0.85. The firm has a 50-day moving average price of $286.89 and a 200 day moving average price of $298.37. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the business earned $6.49 EPS. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. Sell-side analysts forecast that Reliance will post 17.21 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio is currently 20.55%.

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.