Reliance, Inc. (NYSE:RS) Receives Consensus Rating of “Hold” from Analysts

Shares of Reliance, Inc. (NYSE:RS) have been given an average recommendation of “Hold” by the five ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $326.40.

Several research analysts have recently issued reports on RS shares. BMO Capital Markets dropped their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. KeyCorp lowered their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th.

Insider Activity at Reliance

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the transaction, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,832 shares of company stock valued at $5,595,881 over the last quarter. 0.69% of the stock is owned by company insiders.

Institutional Trading of Reliance

Several hedge funds have recently modified their holdings of RS. Innealta Capital LLC acquired a new stake in shares of Reliance in the second quarter valued at $28,000. Quarry LP bought a new stake in Reliance during the 3rd quarter worth about $41,000. UMB Bank n.a. increased its position in Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 41 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of Reliance during the third quarter worth approximately $78,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Performance

RS opened at $322.75 on Thursday. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The stock’s 50 day moving average price is $297.02 and its two-hundred day moving average price is $291.17. The firm has a market capitalization of $17.47 billion, a P/E ratio of 17.72 and a beta of 0.85. Reliance has a 12-month low of $261.77 and a 12-month high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the company posted $5.00 earnings per share. The firm’s revenue was down 5.6% compared to the same quarter last year. On average, equities analysts forecast that Reliance will post 16.42 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.36%. Reliance’s dividend payout ratio (DPR) is currently 24.16%.

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.