Reliance, Inc. (NYSE:RS) Receives $332.67 Consensus PT from Analysts

Reliance, Inc. (NYSE:RS) has been assigned a consensus rating of “Hold” from the five analysts that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $323.50.

Separately, Wells Fargo & Company raised Reliance to a “hold” rating in a report on Thursday.

Reliance Stock Down 1.4%

Shares of RS opened at $286.34 on Wednesday. The firm has a market cap of $15.06 billion, a P/E ratio of 20.90, a price-to-earnings-growth ratio of 1.38 and a beta of 0.89. Reliance has a 12-month low of $250.07 and a 12-month high of $347.43. The company has a current ratio of 3.18, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $310.23 and its 200 day moving average price is $296.43.

Reliance (NYSE:RS) last issued its earnings results on Wednesday, July 23rd. The industrial products company reported $4.43 earnings per share for the quarter, missing the consensus estimate of $4.72 by ($0.29). The firm had revenue of $3.66 billion during the quarter, compared to analyst estimates of $3.66 billion. Reliance had a net margin of 5.39% and a return on equity of 10.48%. The firm’s revenue was up .5% compared to the same quarter last year. During the same period last year, the business earned $4.65 EPS. On average, sell-side analysts forecast that Reliance will post 16.98 earnings per share for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a dividend of $1.20 per share. The ex-dividend date is Friday, August 15th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.7%. Reliance’s payout ratio is presently 35.04%.

Hedge Funds Weigh In On Reliance

Institutional investors and hedge funds have recently bought and sold shares of the stock. Merewether Investment Management LP bought a new stake in shares of Reliance in the fourth quarter worth $9,963,000. GAMMA Investing LLC grew its position in shares of Reliance by 17.4% during the first quarter. GAMMA Investing LLC now owns 966 shares of the industrial products company’s stock worth $279,000 after acquiring an additional 143 shares during the last quarter. NDVR Inc. grew its position in shares of Reliance by 5.8% during the fourth quarter. NDVR Inc. now owns 882 shares of the industrial products company’s stock worth $237,000 after acquiring an additional 48 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Reliance by 567.7% during the first quarter. SG Americas Securities LLC now owns 5,629 shares of the industrial products company’s stock worth $1,625,000 after acquiring an additional 4,786 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Reliance by 3.5% during the fourth quarter. BNP Paribas Financial Markets now owns 23,469 shares of the industrial products company’s stock worth $6,319,000 after acquiring an additional 787 shares during the last quarter. Hedge funds and other institutional investors 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.