Reliance (NYSE:RS) Hits New 12-Month High – Time to Buy?

Reliance, Inc. (NYSE:RS)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $348.36 and last traded at $342.3740, with a volume of 22308 shares. The stock had previously closed at $346.73.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company boosted their price objective on Reliance from $284.00 to $287.00 and gave the stock an “equal weight” rating in a research report on Friday, November 14th. JPMorgan Chase & Co. cut their price target on Reliance from $345.00 to $340.00 and set an “overweight” rating on the stock in a research note on Friday, December 5th. Zacks Research raised Reliance from a “strong sell” rating to a “hold” rating in a research note on Tuesday. KeyCorp reiterated an “overweight” rating on shares of Reliance in a report on Wednesday, January 7th. Finally, 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. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $317.25.

Reliance Trading Up 3.3%

The stock’s 50 day simple moving average is $306.42 and its 200 day simple moving average is $292.35. The firm has a market cap of $18.50 billion, a PE ratio of 25.86, a PEG ratio of 2.04 and a beta of 0.92. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.08 and a current ratio of 4.43.

Insiders Place Their Bets

In other Reliance news, COO Stephen Paul Koch sold 3,066 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $283.56, for a total transaction of $869,394.96. Following the sale, the chief operating officer owned 14,021 shares in the company, valued at $3,975,794.76. This trade represents a 17.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Karla R. Lewis sold 5,809 shares of Reliance 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 sale, the chief executive officer directly owned 84,421 shares of the company’s stock, valued at approximately $23,933,353.50. This trade represents a 6.44% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.35% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Private Trust Co. NA lifted its stake in shares of Reliance by 417.6% in the 2nd quarter. Private Trust Co. NA now owns 88 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 71 shares during the last quarter. Elevation Wealth Partners LLC purchased a new position in Reliance in the 4th quarter worth approximately $28,000. Quarry LP bought a new stake in Reliance in the third quarter valued at approximately $32,000. Guerra Advisors Inc purchased a new stake in shares of Reliance during the third quarter valued at approximately $34,000. Finally, Elyxium Wealth LLC bought a new position in shares of Reliance in the fourth quarter worth approximately $36,000. 79.26% of the stock is owned by institutional investors.

Reliance Company Profile

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.