Reliance (NYSE:RS) Stock Rating Upgraded by StockNews.com

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

A number of other equities research analysts also recently commented on RS. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. BMO Capital Markets reduced their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Finally, KeyCorp increased their price objective 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.

Reliance Trading Down 0.9 %

Shares of RS stock opened at $292.81 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. The stock has a fifty day simple moving average of $319.19 and a two-hundred day simple moving average of $293.74. The firm has a market capitalization of $16.82 billion, a PE ratio of 13.68, a PEG ratio of 5.08 and a beta of 0.92. Reliance has a 52-week low of $229.12 and a 52-week high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings results 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). The business had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $6.37 earnings per share. On average, analysts predict that Reliance will post 19.6 EPS for the current fiscal year.

Insider Activity

In related news, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was 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 in the company, valued at $27,091,176.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Reliance news, 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 transaction of $968,850.00. Following the completion of the transaction, the chief financial officer now owns 15,577 shares in the company, valued at $5,030,592.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Karla R. Lewis sold 650 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was 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 owns 83,884 shares in the company, valued at $27,091,176.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,996 shares of company stock valued at $31,966,978. 0.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Reliance

Several hedge funds have recently bought and sold shares of RS. Riverview Trust Co purchased a new position in Reliance in the 1st quarter worth about $25,000. Contravisory Investment Management Inc. purchased a new stake in Reliance in the first quarter worth about $30,000. Millburn Ridgefield Corp bought a new position in Reliance during the 3rd quarter worth about $33,000. Catalyst Capital Advisors LLC purchased a new position in Reliance during the 3rd quarter valued at about $33,000. Finally, Partnership Wealth Management LLC bought a new stake in shares of Reliance in the 4th quarter valued at about $43,000. Institutional investors own 79.26% of the company’s stock.

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.