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

Reliance (NYSE:RS) had its target price lowered by research analysts at BMO Capital Markets from $355.00 to $345.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. BMO Capital Markets’ target price points to a potential upside of 18.71% from the company’s current price.

A number of other equities research analysts have also weighed in on RS. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and upped their target price for the stock from $280.00 to $380.00 in a report on Thursday, April 11th. KeyCorp upped their target price on shares of Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Reliance has an average rating of “Hold” and a consensus target price of $362.33.

Reliance Price Performance

Shares of NYSE RS opened at $290.62 on Friday. The firm’s 50-day moving average price is $324.16 and its 200-day moving average price is $291.60. Reliance has a 1-year low of $229.12 and a 1-year high of $342.20. The firm has a market capitalization of $16.69 billion, a P/E ratio of 13.57, a P/E/G ratio of 5.15 and a beta of 0.87. The company has a current ratio of 5.74, a quick ratio of 3.23 and a debt-to-equity ratio of 0.14.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The company had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the company posted $6.37 EPS. Reliance’s revenue for the quarter was down 8.1% on a year-over-year basis. Equities research analysts anticipate that Reliance will post 19.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Arthur Ajemyan sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the transaction, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Karla R. Lewis sold 650 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $322.96, for a total transaction of $209,924.00. Following the transaction, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 85,996 shares of company stock valued at $27,603,878. Corporate insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Riverview Trust Co bought a new position in shares of Reliance during the 1st quarter valued at approximately $25,000. Contravisory Investment Management Inc. bought a new position in Reliance in the 1st quarter worth approximately $30,000. Millburn Ridgefield Corp bought a new position in Reliance in the 3rd quarter worth approximately $33,000. Catalyst Capital Advisors LLC bought a new position in Reliance in the 3rd quarter worth approximately $33,000. Finally, Rise Advisors LLC bought a new position in Reliance in the 1st quarter worth approximately $49,000. 79.26% of the stock is owned by institutional investors.

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.