Reliance, Inc. (NYSE:RS) Receives $328.17 Consensus Target Price from Analysts

Shares of Reliance, Inc. (NYSE:RS) have been assigned a consensus recommendation of “Hold” from the six research firms that are presently covering the company, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $328.17.

A number of research analysts recently issued reports on RS shares. KeyCorp decreased their price objective on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a report on Wednesday, January 22nd. BMO Capital Markets reduced their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, The Goldman Sachs Group started coverage on Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock.

Reliance Trading Up 2.3 %

RS opened at $297.98 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The company has a market cap of $16.13 billion, a price-to-earnings ratio of 16.36 and a beta of 0.91. The firm has a 50 day simple moving average of $282.12 and a 200 day simple moving average of $288.96. Reliance has a fifty-two week low of $256.98 and a fifty-two week high of $342.20.

Insider Transactions at Reliance

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the sale, the chief executive officer now owns 85,117 shares in the company, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.69% of the company’s stock.

Institutional Investors Weigh In On Reliance

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in Reliance by 9.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,709,737 shares of the industrial products company’s stock worth $998,886,000 after buying an additional 319,576 shares during the period. Wellington Management Group LLP boosted its holdings in Reliance by 10.4% in the 4th quarter. Wellington Management Group LLP now owns 1,479,542 shares of the industrial products company’s stock worth $398,381,000 after buying an additional 138,866 shares during the period. First Trust Advisors LP boosted its holdings in Reliance by 15.5% in the 4th quarter. First Trust Advisors LP now owns 1,382,916 shares of the industrial products company’s stock worth $372,364,000 after buying an additional 185,873 shares during the period. Pacer Advisors Inc. boosted its holdings in Reliance by 6,311.2% in the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock worth $219,841,000 after buying an additional 803,730 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Reliance by 53.5% in the 4th quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock worth $195,402,000 after buying an additional 252,955 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

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.