BMO Capital Markets Cuts Reliance (NYSE:RS) Price Target to $330.00

Reliance (NYSE:RS) had its price objective decreased by stock analysts at BMO Capital Markets from $340.00 to $330.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 15.06% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a research note on Friday, July 26th. KeyCorp cut their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Reliance has a consensus rating of “Hold” and a consensus price target of $326.40.

Reliance Stock Down 2.4 %

NYSE RS traded down $7.00 during trading on Friday, reaching $286.80. 138,703 shares of the company’s stock traded hands, compared to its average volume of 318,610. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The firm has a market cap of $15.78 billion, a price-to-earnings ratio of 14.64 and a beta of 0.85. The company’s 50 day simple moving average is $283.60 and its two-hundred day simple moving average is $291.55.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). The business had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $5.00 earnings per share. As a group, sell-side analysts forecast that Reliance will post 17.16 EPS for the current fiscal year.

Institutional Trading of Reliance

A number of institutional investors have recently bought and sold shares of RS. Innealta Capital LLC purchased a new position in shares of Reliance in the second quarter worth $28,000. UMB Bank n.a. raised its stake in Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after acquiring an additional 53 shares during the last quarter. National Bank of Canada FI lifted its position in Reliance by 17.9% during the 2nd 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 period. Headlands Technologies LLC purchased a new stake in Reliance during the 1st quarter valued at about $86,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Reliance in the second quarter valued at about $117,000. 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.