Reliance (NYSE:RS) Raised to Hold at Zacks Research

Reliance (NYSE:RS) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other analysts have also commented on the company. Wells Fargo & Company lifted their price target on Reliance from $284.00 to $287.00 and gave the company an “equal weight” rating in a research note on Friday, November 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Reliance in a research report on Monday, December 29th. BMO Capital Markets reduced their target price on shares of Reliance from $340.00 to $315.00 and set an “outperform” rating on the stock in a report on Friday, October 24th. KeyCorp reaffirmed an “overweight” rating on shares of Reliance in a research note on Wednesday, January 7th. Finally, JPMorgan Chase & Co. cut their price target on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Reliance currently has an average rating of “Moderate Buy” and a consensus price target of $317.25.

Reliance Price Performance

Shares of NYSE RS traded down $4.68 during mid-day trading on Tuesday, hitting $342.05. 322,885 shares of the stock traded hands, compared to its average volume of 330,913. The company has a market cap of $17.88 billion, a PE ratio of 25.00, a price-to-earnings-growth ratio of 2.01 and a beta of 0.92. Reliance has a twelve month low of $250.07 and a twelve month high of $348.36. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.43 and a quick ratio of 2.08. The firm has a 50 day simple moving average of $303.69 and a two-hundred day simple moving average of $291.90.

Insider Activity

In other news, CEO Karla R. Lewis sold 5,809 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $283.50, for a total value of $1,646,851.50. Following the transaction, the chief executive officer directly owned 84,421 shares of the company’s stock, valued at $23,933,353.50. The trade was a 6.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen Paul Koch sold 3,066 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $283.56, for a total value of $869,394.96. Following the sale, the chief operating officer owned 14,021 shares in the company, valued at approximately $3,975,794.76. The trade was a 17.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Reliance

Several hedge funds and other institutional investors have recently modified their holdings of the company. Boston Partners boosted its holdings in Reliance by 72.6% during the second quarter. Boston Partners now owns 1,763,317 shares of the industrial products company’s stock worth $552,461,000 after purchasing an additional 741,417 shares during the last quarter. Norges Bank bought a new position in shares of Reliance during the 2nd quarter worth approximately $207,741,000. Alliancebernstein L.P. boosted its stake in shares of Reliance by 899.4% in the 3rd quarter. Alliancebernstein L.P. now owns 733,528 shares of the industrial products company’s stock worth $205,997,000 after buying an additional 660,128 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Reliance by 25.2% in the 3rd quarter. Wellington Management Group LLP now owns 1,708,756 shares of the industrial products company’s stock worth $479,870,000 after buying an additional 343,598 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew 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 valued at $79,210,000 after acquiring an additional 268,139 shares in the last quarter. 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.