BMO Capital Markets Lowers Reliance (NYSE:RS) Price Target to $345.00

Reliance (NYSE:RS) had its price target decreased by equities research analysts at BMO Capital Markets from $355.00 to $345.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 16.95% from the company’s current price.

RS has been the topic of a number of other reports. KeyCorp boosted their price target on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and boosted their price target for the company from $280.00 to $380.00 in a report on Thursday, April 11th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $362.33.

Reliance Trading Up 1.0 %

RS stock traded up $2.87 during midday trading on Friday, hitting $295.00. 251,172 shares of the company’s stock were exchanged, compared to its average volume of 245,814. The company has a market cap of $16.94 billion, a PE ratio of 13.05, a price-to-earnings-growth ratio of 5.52 and a beta of 0.87. The stock’s fifty day moving average price is $325.69 and its 200-day moving average price is $291.40. Reliance has a one year low of $229.12 and a one year high of $342.20. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a net margin of 9.02% and a return on equity of 17.53%. The business’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter last year, the firm earned $6.37 earnings per share. Research analysts predict that Reliance will post 19.51 earnings per share for the current fiscal year.

Insider Activity at Reliance

In related news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the sale, the chief financial officer now owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the transaction, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the sale, the chief financial officer now owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 85,996 shares of company stock valued at $27,603,878. 0.69% of the stock is owned by insiders.

Institutional Investors Weigh In On Reliance

Institutional investors have recently made changes to their positions in the company. Riverview Trust Co bought a new stake in shares of Reliance during the first quarter worth approximately $25,000. Contravisory Investment Management Inc. bought a new stake in shares of Reliance during the first quarter worth approximately $30,000. Millburn Ridgefield Corp bought a new stake in shares of Reliance during the third quarter worth approximately $33,000. Catalyst Capital Advisors LLC bought a new stake in shares of Reliance during the third quarter worth approximately $33,000. Finally, Partnership Wealth Management LLC bought a new stake in shares of Reliance in the fourth quarter valued at approximately $43,000. Institutional investors own 79.26% of the company’s stock.

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.