Reliance, Inc. (NYSE:RS) Given Average Rating of “Hold” by Brokerages

Shares of Reliance, Inc. (NYSE:RS) have been assigned a consensus rating of “Hold” from the six brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $317.25.

RS has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Reliance in a research report on Monday, December 29th. Zacks Research cut Reliance from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Wells Fargo & Company lifted their price objective on shares of Reliance from $284.00 to $287.00 and gave the company an “equal weight” rating in a research note on Friday, November 14th. JPMorgan Chase & Co. reduced their target price on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating on the stock in a research report on Friday, December 5th. Finally, BMO Capital Markets decreased their target price on shares of Reliance from $340.00 to $315.00 and set an “outperform” rating for the company in a research note on Friday, October 24th.

Reliance Stock Up 1.1%

RS opened at $335.76 on Wednesday. Reliance has a 1 year low of $250.07 and a 1 year high of $347.43. The firm has a 50 day moving average price of $302.37 and a 200 day moving average price of $291.51. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.08 and a current ratio of 4.43. The company has a market cap of $17.56 billion, a PE ratio of 24.54, a price-to-earnings-growth ratio of 1.98 and a beta of 0.92.

Insider Transactions at Reliance

In other news, COO Stephen Paul Koch sold 3,066 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $283.56, for a total transaction of $869,394.96. Following the completion of the sale, the chief operating officer directly owned 14,021 shares in the company, valued at $3,975,794.76. This trade represents a 17.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Karla R. Lewis sold 5,809 shares of Reliance stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $283.50, for a total value of $1,646,851.50. Following the sale, the chief executive officer directly owned 84,421 shares in the company, valued at approximately $23,933,353.50. The trade was a 6.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Reliance

Several large investors have recently modified their holdings of RS. Private Trust Co. NA grew its position in shares of Reliance by 417.6% during the second quarter. Private Trust Co. NA now owns 88 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 71 shares during the last quarter. Elevation Wealth Partners LLC bought a new stake in Reliance in the 4th quarter valued at about $28,000. Quarry LP acquired a new position in Reliance during the 3rd quarter valued at about $32,000. Guerra Advisors Inc bought a new position in Reliance in the 3rd quarter worth about $34,000. Finally, Root Financial Partners LLC bought a new position in Reliance in the 3rd quarter worth about $38,000. Institutional investors own 79.26% of the company’s stock.

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.