Reliance (NYSE:RS) Given New $321.00 Price Target at KeyCorp

Reliance (NYSE:RS) had its target price lowered by KeyCorp from $325.00 to $321.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

Several other analysts have also recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Finally, BMO Capital Markets dropped their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Reliance presently has a consensus rating of “Hold” and a consensus price target of $328.17.

Reliance Stock Performance

NYSE RS opened at $287.70 on Wednesday. The stock has a market capitalization of $15.57 billion, a price-to-earnings ratio of 15.80 and a beta of 0.91. The business’s 50 day moving average is $291.14 and its two-hundred day moving average is $290.15. Reliance has a 12-month low of $256.98 and a 12-month high of $342.20. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the previous year, the company posted $5.00 EPS. The company’s revenue was down 5.6% compared to the same quarter last year. Research analysts expect that Reliance will post 16.42 EPS for the current year.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction dated Monday, December 2nd. The stock was 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 owns 85,117 shares in the company, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the transaction, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock worth $6,856,500 in the last ninety days. Insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Toronto Dominion Bank increased its stake in Reliance by 26.7% in the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after purchasing an additional 1,729 shares during the last quarter. Assetmark Inc. increased its stake in shares of Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after acquiring an additional 5,431 shares during the last quarter. AXA S.A. increased its stake in shares of Reliance by 5.4% during the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock valued at $22,658,000 after acquiring an additional 4,032 shares during the last quarter. Dearborn Partners LLC boosted its position in shares of Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after acquiring an additional 3,419 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after purchasing an additional 1,696 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

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.