Reliance (NYSE:RS) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Reliance (NYSE:RS) from a buy rating to a strong-buy rating in a research report report published on Sunday.

A number of other research firms have also issued reports on RS. Citigroup reaffirmed a “neutral” rating on shares of Reliance in a research report on Wednesday, July 29th. JPMorgan Chase & Co. reduced their target price on shares of Reliance from $378.00 to $376.00 and set a “neutral” rating on the stock in a report on Wednesday, July 15th. Seaport Research Partners lifted their price target on shares of Reliance from $340.00 to $390.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. BMO Capital Markets boosted their price target on shares of Reliance from $390.00 to $415.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Finally, Zacks Research raised shares of Reliance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $378.67.

Reliance Stock Performance

Shares of RS stock opened at $387.58 on Friday. The company has a quick ratio of 2.27, a current ratio of 4.30 and a debt-to-equity ratio of 0.22. Reliance has a 52 week low of $260.31 and a 52 week high of $433.02. The stock has a market capitalization of $19.79 billion, a PE ratio of 22.53, a P/E/G ratio of 1.00 and a beta of 0.96. The firm has a 50 day moving average of $398.80 and a two-hundred day moving average of $360.86.

Reliance (NYSE:RS) last posted its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share for the quarter, topping analysts’ consensus estimates of $5.47 by $0.80. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.26 billion. Reliance had a return on equity of 12.51% and a net margin of 5.65%.The company’s revenue was up 26.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.43 earnings per share. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. On average, research analysts predict that Reliance will post 22.23 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, August 14th. Reliance’s dividend payout ratio is currently 29.07%.

Insider Buying and Selling

In other Reliance news, SVP William A. Smith II sold 2,353 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total transaction of $974,636.13. Following the sale, the senior vice president owned 19,394 shares of the company’s stock, valued at approximately $8,033,188.74. This trade represents a 10.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Arthur Ajemyan sold 2,200 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $410.11, for a total transaction of $902,242.00. Following the sale, the chief financial officer owned 14,640 shares of the company’s stock, valued at $6,004,010.40. This represents a 13.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Reliance

Several large investors have recently bought and sold shares of RS. Costello Asset Management INC purchased a new stake in shares of Reliance in the 1st quarter valued at about $30,000. Brown Brothers Harriman & Co. grew its stake in Reliance by 86.2% during the 4th quarter. Brown Brothers Harriman & Co. now owns 108 shares of the industrial products company’s stock worth $31,000 after buying an additional 50 shares during the last quarter. Greenline Wealth Management LLC purchased a new position in Reliance during the 4th quarter worth approximately $32,000. Quarry LP acquired a new position in Reliance during the third quarter worth approximately $32,000. Finally, Parkside Financial Bank & Trust lifted its stake in Reliance by 87.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 118 shares of the industrial products company’s stock valued at $34,000 after buying an additional 55 shares during the last quarter. Institutional investors and hedge funds 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.