BMO Capital Markets Issues Positive Forecast for Reliance (NYSE:RS) Stock Price

Reliance (NYSE:RS) had its price target raised by BMO Capital Markets from $390.00 to $415.00 in a research report released on Monday,Benzinga reports. They currently have a market perform rating on the industrial products company’s stock.

Several other research firms have also recently weighed in on RS. Seaport Research Partners raised their price objective on shares of Reliance from $340.00 to $390.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Wall Street Zen upgraded shares of Reliance from a “hold” rating to a “buy” rating in a research report on Saturday, April 11th. Weiss Ratings raised Reliance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 18th. The Goldman Sachs Group initiated coverage on Reliance in a research report on Wednesday, April 1st. They set a “neutral” rating and a $300.00 price target on the stock. Finally, Wells Fargo & Company lifted their price target on Reliance from $372.00 to $398.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 23rd. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $378.67.

Reliance Trading Down 0.9%

Shares of RS opened at $404.34 on Monday. The firm’s 50 day simple moving average is $387.82 and its 200 day simple moving average is $348.54. The company has a market capitalization of $20.64 billion, a P/E ratio of 23.51, a P/E/G ratio of 1.17 and a beta of 0.97. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.30 and a quick ratio of 2.27. Reliance has a 1-year low of $260.31 and a 1-year high of $419.83.

Reliance (NYSE:RS) last announced its earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.47 by $0.80. Reliance had a net margin of 5.65% and a return on equity of 12.51%. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.26 billion. During the same period in the previous year, the business posted $4.43 earnings per share. Reliance’s revenue for the quarter was up 26.5% on a year-over-year basis. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. Sell-side analysts forecast that Reliance will post 19.84 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, August 14th. Reliance’s payout ratio is presently 29.07%.

Hedge Funds Weigh In On Reliance

Several institutional investors and hedge funds have recently made changes to their positions in RS. Norges Bank bought a new stake in Reliance in the fourth quarter worth $207,691,000. Boston Partners boosted its position in Reliance by 27.5% during the third quarter. Boston Partners now owns 2,247,603 shares of the industrial products company’s stock valued at $631,224,000 after buying an additional 484,286 shares during the period. Wellington Management Group LLP grew its stake in shares of Reliance by 25.2% during the third quarter. Wellington Management Group LLP now owns 1,708,756 shares of the industrial products company’s stock valued at $479,870,000 after buying an additional 343,598 shares during the last quarter. Corient Private Wealth LLC grew its stake in shares of Reliance by 1,019.0% during the fourth quarter. Corient Private Wealth LLC now owns 341,874 shares of the industrial products company’s stock valued at $98,758,000 after buying an additional 311,323 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Reliance by 4,419.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 274,206 shares of the industrial products company’s stock worth $79,210,000 after buying an additional 268,139 shares during the period. 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.