Reliance (NYSE:RS) Reaches New 12-Month High – Still a Buy?

Reliance, Inc. (NYSE:RS)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $354.74 and last traded at $353.72, with a volume of 353950 shares traded. The stock had previously closed at $352.26.

Analyst Ratings Changes

A number of brokerages have weighed in on RS. JPMorgan Chase & Co. cut their price objective on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Weiss Ratings restated a “hold (c)” rating on shares of Reliance in a research note on Monday, December 29th. KeyCorp reiterated an “overweight” rating on shares of Reliance in a research note on Wednesday, January 7th. BMO Capital Markets cut their target price on Reliance from $340.00 to $315.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Finally, Zacks Research raised Reliance from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $317.25.

Reliance Stock Up 0.4%

The company’s 50 day simple moving average is $309.31 and its 200-day simple moving average is $292.34. The company has a current ratio of 4.43, a quick ratio of 2.08 and a debt-to-equity ratio of 0.19. The firm has a market cap of $18.50 billion, a P/E ratio of 25.86, a PEG ratio of 2.10 and a beta of 0.92.

Insider Activity at Reliance

In other news, CEO Karla R. Lewis sold 5,809 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $283.50, for a total transaction of $1,646,851.50. Following the transaction, the chief executive officer directly owned 84,421 shares of the company’s stock, valued at $23,933,353.50. This represents a 6.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen Paul Koch sold 3,066 shares of the firm’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $283.56, for a total value of $869,394.96. Following the completion of the transaction, the chief operating officer owned 14,021 shares in the company, valued at approximately $3,975,794.76. This trade represents a 17.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RS. Private Trust Co. NA boosted its position in Reliance by 417.6% in the second quarter. Private Trust Co. NA now owns 88 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 71 shares during the last quarter. Elevation Wealth Partners LLC bought a new position in shares of Reliance in the 4th quarter worth approximately $28,000. Quarry LP purchased a new position in shares of Reliance in the third quarter worth approximately $32,000. Guerra Advisors Inc purchased a new position in shares of Reliance in the third quarter worth approximately $34,000. Finally, Elyxium Wealth LLC bought a new stake in Reliance during the fourth quarter valued at approximately $36,000. Institutional investors own 79.26% of the company’s stock.

About Reliance

Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.