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

Reliance (NYSE:RS) had its target price decreased by BMO Capital Markets from $355.00 to $345.00 in a report released on Friday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the industrial products company’s stock.

A number of other equities analysts have also weighed in on RS. KeyCorp lifted their price objective on Reliance from $300.00 to $362.00 and gave the company an overweight rating in a research note on Friday, February 16th. Citigroup lowered Reliance from a buy rating to a neutral rating and raised their target price for the stock from $280.00 to $380.00 in a report on Thursday, April 11th.

Reliance Price Performance

Shares of NYSE:RS opened at $293.93 on Friday. Reliance has a twelve month low of $229.12 and a twelve month high of $342.20. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The company has a market cap of $16.88 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 5.09 and a beta of 0.87. The company’s 50 day moving average is $324.16 and its 200 day moving average is $291.99.

Reliance (NYSE:RS) last released 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 net margin of 8.67% and a return on equity of 16.26%. The business had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the company earned $6.37 earnings per share. The firm’s revenue was down 8.1% on a year-over-year basis. On average, sell-side analysts forecast that Reliance will post 19.6 EPS for the current year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be issued a $1.10 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a yield of 1.50%. Reliance’s payout ratio is 20.55%.

Insider Transactions at Reliance

In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the transaction, the chief financial officer now owns 15,577 shares in the company, valued at $5,030,592.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the transaction, the chief financial officer now directly owns 15,577 shares in the company, valued at $5,030,592.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Donald Hoffman sold 40,000 shares of Reliance stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the completion of the sale, the director now owns 54,042 shares in the company, valued at approximately $17,452,863.90. The disclosure for this sale can be found here. Insiders have sold a total of 85,996 shares of company stock valued at $27,603,878 in the last ninety days. 0.69% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Reliance

Several institutional investors have recently bought and sold shares of the company. Astoria Portfolio Advisors LLC. increased its stake in shares of Reliance by 4.9% during the first quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company’s stock worth $253,000 after buying an additional 36 shares during the period. Lindbrook Capital LLC raised its holdings in shares of Reliance by 8.4% in the 4th quarter. Lindbrook Capital LLC now owns 480 shares of the industrial products company’s stock valued at $134,000 after purchasing an additional 37 shares in the last quarter. Rational Advisors LLC lifted its position in shares of Reliance by 33.6% during the 1st quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 40 shares during the last quarter. Avantax Advisory Services Inc. grew its stake in shares of Reliance by 4.2% during the fourth quarter. Avantax Advisory Services Inc. now owns 1,023 shares of the industrial products company’s stock worth $286,000 after purchasing an additional 41 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in Reliance by 11.0% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 444 shares of the industrial products company’s stock valued at $116,000 after buying an additional 44 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Company Profile

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.