Reliance (NYSE:RS) Price Target Lowered to $345.00 at BMO Capital Markets

Reliance (NYSE:RS) had its price objective trimmed by BMO Capital Markets from $355.00 to $345.00 in a research note published on Friday morning, Benzinga reports. The firm currently has an outperform rating on the industrial products company’s stock.

Several other research analysts have also commented on the stock. KeyCorp upped their price objective on shares of Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a report on Friday, February 16th. Citigroup downgraded shares of Reliance from a buy rating to a neutral rating and upped their target price for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $362.33.

Reliance Stock Down 0.6 %

Shares of NYSE RS opened at $290.42 on Friday. The company has a current ratio of 5.74, a quick ratio of 3.23 and a debt-to-equity ratio of 0.14. Reliance has a 12 month low of $229.12 and a 12 month high of $342.20. The firm has a market capitalization of $16.68 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 5.15 and a beta of 0.87. The firm has a fifty day simple moving average of $324.88 and a two-hundred day simple moving average of $291.41.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter last year, the company posted $6.37 earnings per share. The firm’s revenue for the quarter was down 8.1% compared to the same quarter last year. Equities analysts expect that Reliance will post 19.51 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s dividend payout ratio is presently 20.55%.

Insider Activity at Reliance

In other Reliance news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the transaction, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Reliance news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction on Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Karla R. Lewis sold 42,346 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the completion of the transaction, the chief executive officer now directly owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 85,996 shares of company stock valued at $27,603,878. 0.69% of the stock is owned by insiders.

Institutional Investors Weigh In On Reliance

Several hedge funds and other institutional investors have recently made changes to their positions in RS. Norges Bank purchased a new stake in shares of Reliance during the 4th quarter valued at about $186,693,000. Invesco Ltd. increased its position in shares of Reliance by 35.4% during the 3rd quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock valued at $189,790,000 after purchasing an additional 189,326 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Reliance by 68.6% during the 3rd quarter. Hsbc Holdings PLC now owns 193,347 shares of the industrial products company’s stock valued at $50,699,000 after purchasing an additional 78,699 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Reliance by 29.7% during the 4th quarter. Principal Financial Group Inc. now owns 286,847 shares of the industrial products company’s stock valued at $80,226,000 after purchasing an additional 65,691 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Reliance by 7.9% during the 4th quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after acquiring an additional 64,895 shares during the period. 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.