Reliance (NYSE:RS) Downgraded to “Hold” at StockNews.com

Reliance (NYSE:RS) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Other equities research analysts also recently issued reports about the stock. KeyCorp lifted their price target on shares of Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Citigroup downgraded shares of Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, BMO Capital Markets dropped their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $362.33.

Reliance Trading Down 0.5 %

Shares of NYSE:RS opened at $290.62 on Friday. Reliance has a 12-month low of $229.12 and a 12-month high of $342.20. The stock has a market cap of $16.69 billion, a PE ratio of 13.57, a P/E/G ratio of 5.15 and a beta of 0.87. The business has a 50 day moving average of $324.16 and a 200-day moving average of $291.60. The company has a quick ratio of 3.23, a current ratio of 5.74 and a debt-to-equity ratio of 0.14.

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

Insider Buying and Selling at Reliance

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 shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at $26,963,809.98. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at $26,963,809.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Donald Hoffman sold 40,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the transaction, the director now owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock worth $27,603,878 over the last three months. Corporate insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RS. Riverview Trust Co acquired a new position in shares of Reliance during the first quarter worth $25,000. Contravisory Investment Management Inc. acquired a new position in shares of Reliance during the first quarter worth $30,000. Millburn Ridgefield Corp acquired a new position in shares of Reliance during the third quarter worth $33,000. Catalyst Capital Advisors LLC acquired a new position in shares of Reliance during the third quarter worth $33,000. Finally, Partnership Wealth Management LLC acquired a new position in shares of Reliance during the fourth quarter worth $43,000. 79.26% of the stock is currently 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.