Reliance (NYSE:RS) Upgraded at Zacks Research

Zacks Research upgraded shares of Reliance (NYSE:RS) from a strong sell rating to a hold rating in a report released on Tuesday morning,Zacks.com reports.

Several other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating for the company in a research note on Friday, December 5th. BMO Capital Markets reduced their price objective on Reliance from $340.00 to $315.00 and set an “outperform” rating for the company in a research note on Friday, October 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Reliance in a research note on Monday, December 29th. KeyCorp reissued an “overweight” rating on shares of Reliance in a report on Wednesday, January 7th. Finally, Wells Fargo & Company increased their price target on Reliance from $284.00 to $287.00 and gave the stock an “equal weight” rating in a report on Friday, November 14th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $317.25.

Reliance Stock Down 1.3%

RS stock opened at $342.05 on Tuesday. The company has a market cap of $17.89 billion, a price-to-earnings ratio of 25.00, a price-to-earnings-growth ratio of 2.07 and a beta of 0.92. The company has a fifty day moving average price of $304.93 and a 200 day moving average price of $292.24. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.43 and a quick ratio of 2.08. Reliance has a 12 month low of $250.07 and a 12 month high of $348.36.

Insider Buying and Selling at Reliance

In other news, COO Stephen Paul Koch sold 3,066 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $283.56, for a total transaction of $869,394.96. Following the transaction, the chief operating officer directly owned 14,021 shares of the company’s stock, valued at $3,975,794.76. This represents a 17.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Karla R. Lewis sold 5,809 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $283.50, for a total transaction of $1,646,851.50. Following the completion of the transaction, the chief executive officer owned 84,421 shares of the company’s stock, valued at $23,933,353.50. This represents a 6.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.35% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Reliance

A number of large investors have recently added to or reduced their stakes in the business. Foundations Investment Advisors LLC purchased a new position in shares of Reliance in the 3rd quarter worth about $1,576,000. Principal Financial Group Inc. grew its holdings in shares of Reliance by 4.2% during the 3rd quarter. Principal Financial Group Inc. now owns 755,756 shares of the industrial products company’s stock worth $212,243,000 after purchasing an additional 30,765 shares during the period. First National Advisers LLC acquired a new stake in Reliance during the 3rd quarter worth approximately $1,948,000. Y Intercept Hong Kong Ltd raised its holdings in Reliance by 293.0% in the third quarter. Y Intercept Hong Kong Ltd now owns 34,946 shares of the industrial products company’s stock valued at $9,814,000 after buying an additional 26,055 shares during the period. Finally, SG Americas Securities LLC lifted its position in Reliance by 144.9% during the third quarter. SG Americas Securities LLC now owns 18,700 shares of the industrial products company’s stock valued at $5,252,000 after buying an additional 11,064 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

About Reliance

Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.