Reliance (NYSE:RS) Price Target Lowered to $321.00 at KeyCorp

Reliance (NYSE:RS) had its target price cut by KeyCorp from $325.00 to $321.00 in a report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock. KeyCorp also issued estimates for Reliance’s FY2024 earnings at $16.43 EPS and FY2025 earnings at $19.15 EPS.

Several other research analysts have also issued reports on the company. The Goldman Sachs Group began coverage on Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. BMO Capital Markets dropped their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $328.17.

Reliance Trading Up 1.0 %

Shares of NYSE:RS opened at $290.79 on Wednesday. The business’s 50-day moving average is $290.30 and its 200 day moving average is $290.20. Reliance has a 1 year low of $256.98 and a 1 year high of $342.20. The firm has a market capitalization of $15.74 billion, a P/E ratio of 15.97 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58.

Reliance (NYSE:RS) last announced its earnings results 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). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period in the prior year, the company earned $5.00 earnings per share. The company’s quarterly revenue was down 5.6% on a year-over-year basis. On average, research analysts predict that Reliance will post 16.36 earnings per share for the current fiscal year.

Insider Transactions at Reliance

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the transaction, the chief executive officer now owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,724 shares of company stock worth $6,856,500 over the last quarter. 0.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Reliance

A number of hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank increased its holdings in shares of Reliance by 26.7% in the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after purchasing an additional 1,729 shares during the last quarter. Assetmark Inc. increased its holdings 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 purchasing an additional 5,431 shares during the last quarter. AXA S.A. increased its holdings in shares of Reliance by 5.4% in the second quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock valued at $22,658,000 after purchasing an additional 4,032 shares during the last quarter. Dearborn Partners LLC increased its holdings in shares of Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock valued at $24,989,000 after purchasing an additional 3,419 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after purchasing an additional 1,696 shares during the last quarter. Institutional investors and hedge funds 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.