KeyCorp Cuts Reliance (NYSE:RS) Price Target to $325.00

Reliance (NYSE:RS) had its target price decreased by KeyCorp from $335.00 to $325.00 in a research note issued to investors on Monday, Benzinga reports. KeyCorp currently has an overweight rating on the industrial products company’s stock.

A number of other research analysts have also commented on RS. Bank of America lowered their price objective on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $329.40.

Reliance Stock Up 1.4 %

RS opened at $296.34 on Monday. Reliance has a 12 month low of $237.14 and a 12 month high of $342.20. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The business has a 50-day moving average of $282.63 and a two-hundred day moving average of $293.11. The stock has a market capitalization of $16.30 billion, a price-to-earnings ratio of 15.13 and a beta of 0.85.

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 the consensus estimate of $4.73 by ($0.08). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The company had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the company posted $6.49 earnings per share. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, research analysts expect that Reliance will post 17.16 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $1.10 dividend. The ex-dividend date was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.48%. Reliance’s payout ratio is currently 22.46%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Riverview Trust Co purchased a new stake in Reliance in the 1st quarter worth approximately $25,000. Contravisory Investment Management Inc. purchased a new stake in shares of Reliance during the first quarter worth $30,000. Innealta Capital LLC purchased a new stake in shares of Reliance during the second quarter worth $28,000. Rise Advisors LLC acquired a new stake in Reliance during the first quarter valued at $49,000. Finally, UMB Bank n.a. grew its stake in Reliance by 27.0% in the third 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 in the last quarter. 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.