The Goldman Sachs Group Initiates Coverage on Reliance (NYSE:RS)

Research analysts at The Goldman Sachs Group assumed coverage on shares of Reliance (NYSE:RS) in a research note issued on Monday,Benzinga reports. The firm set a “neutral” rating and a $341.00 price target on the industrial products company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 6.15% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. BMO Capital Markets cut their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. KeyCorp lowered their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Reliance currently has an average rating of “Hold” and a consensus price target of $328.83.

Reliance Stock Down 0.4 %

RS opened at $321.24 on Monday. 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 company has a 50-day moving average price of $299.47 and a 200 day moving average price of $291.80. The company has a market cap of $17.39 billion, a PE ratio of 17.64 and a beta of 0.85. Reliance has a twelve month low of $261.77 and a twelve month high of $342.20.

Reliance (NYSE:RS) last posted 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). The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.00 earnings per share. Sell-side analysts expect that Reliance will post 16.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Reliance

In related news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the transaction, the senior vice president now owns 16,849 shares in the company, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the sale, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,832 shares of company stock valued at $5,595,881 in the last three months. 0.69% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RS. Innealta Capital LLC purchased a new position in shares of Reliance in the 2nd quarter valued at about $28,000. Quarry LP acquired a new stake in Reliance in the third quarter valued at approximately $41,000. UMB Bank n.a. lifted its stake in 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 acquiring an additional 53 shares during the last quarter. Brooklyn Investment Group acquired a new position in Reliance during the 3rd quarter worth approximately $78,000. Finally, National Bank of Canada FI increased its position in shares of Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 41 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

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.