Reliance, Inc. (NYSE:RS) Receives Average Recommendation of “Hold” from Brokerages

Shares of Reliance, Inc. (NYSE:RS) have been given a consensus rating of “Hold” by the five analysts that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $326.40.

A number of research firms recently commented on RS. BMO Capital Markets decreased their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. KeyCorp decreased their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th.

Reliance Stock Performance

RS opened at $322.75 on Thursday. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The firm has a market cap of $17.47 billion, a PE ratio of 17.72 and a beta of 0.85. The business has a fifty day simple moving average of $297.02 and a 200-day simple moving average of $291.17. Reliance has a fifty-two week low of $261.77 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the prior year, the business posted $5.00 EPS. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, equities analysts predict that Reliance will post 16.42 EPS for the current fiscal year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is currently 24.16%.

Insider Transactions at Reliance

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is owned by insiders.

Institutional Investors Weigh In On Reliance

Several institutional investors and hedge funds have recently modified their holdings of the business. Innealta Capital LLC bought a new stake in Reliance during the second quarter worth approximately $28,000. Quarry LP bought a new position in shares of Reliance in the third quarter valued at approximately $41,000. UMB Bank n.a. lifted its stake in shares of Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after buying an additional 53 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after buying an additional 41 shares during the period. Finally, Brooklyn Investment Group acquired a new position in Reliance in the 3rd quarter valued at $78,000. Institutional investors and hedge funds 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.