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

Reliance, Inc. (NYSE:RS) has been given an average recommendation of “Hold” by the five analysts that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $329.40.

A number of brokerages have recently weighed in on RS. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research note on Friday, July 26th. KeyCorp decreased their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. Finally, Bank of America decreased their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th.

Reliance Price Performance

NYSE RS opened at $290.95 on Wednesday. The stock’s 50-day moving average price is $281.94 and its two-hundred day moving average price is $293.68. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The company has a market cap of $16.01 billion, a PE ratio of 14.85 and a beta of 0.85. Reliance has a 1 year low of $237.14 and a 1 year high of $342.20.

Reliance (NYSE:RS) last announced its earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the company earned $6.49 EPS. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. On average, analysts predict that Reliance will post 17.16 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio is presently 22.46%.

Institutional Investors Weigh In On Reliance

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sei Investments Co. raised its position in Reliance by 13.1% in the 1st quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock valued at $17,062,000 after buying an additional 5,902 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Reliance by 2,870.9% during the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after purchasing an additional 3,847 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Reliance by 1.9% during the 1st quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock worth $53,644,000 after purchasing an additional 2,985 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Reliance by 24.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock worth $36,005,000 after purchasing an additional 20,981 shares during the last quarter. Finally, Mediolanum International Funds Ltd acquired a new position in shares of Reliance during the 1st quarter worth approximately $2,407,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

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.