KeyCorp Raises Reliance (NYSE:RS) Price Target to $327.00

Reliance (NYSE:RS) had its price objective raised by equities research analysts at KeyCorp from $321.00 to $327.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective indicates a potential upside of 8.61% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group began coverage on shares of Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target for the company. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $329.17.

Reliance Stock Down 0.5 %

Shares of NYSE RS opened at $301.06 on Monday. The stock has a market cap of $16.29 billion, a PE ratio of 19.50 and a beta of 0.90. Reliance has a 52-week low of $256.98 and a 52-week high of $342.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The business has a fifty day moving average of $281.93 and a two-hundred day moving average of $289.35.

Reliance (NYSE:RS) last released its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.52). The business had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. As a group, equities research analysts expect that Reliance will post 16.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Toronto Dominion Bank grew its holdings in Reliance by 26.7% during the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock worth $2,371,000 after purchasing an additional 1,729 shares during the period. Assetmark Inc. lifted its position in shares of Reliance by 24.2% in the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after buying an additional 5,431 shares during the last quarter. Dearborn Partners LLC boosted its stake in shares of Reliance by 4.1% during the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after acquiring an additional 3,419 shares during the period. Pure Financial Advisors LLC increased its holdings in shares of Reliance by 232.9% during the 4th quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock worth $2,499,000 after acquiring an additional 6,493 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in Reliance by 1.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after acquiring an additional 1,696 shares during the period. 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.