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

Reliance (NYSE:RS - Get Free Report) had its price objective increased by KeyCorp from $321.00 to $327.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the industrial products company's stock. KeyCorp's price target would suggest a potential upside of 10.84% from the stock's previous close.

Several other brokerages have also recently issued reports on RS. The Goldman Sachs Group assumed coverage on shares of Reliance in a research report on Monday, December 2nd. They set a "neutral" rating and a $341.00 target price on the stock. Wolfe Research upgraded Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $329.17.

Reliance Price Performance

NYSE:RS traded up $0.74 during trading hours on Monday, reaching $295.03. The stock had a trading volume of 277,014 shares, compared to its average volume of 430,898. The stock has a market capitalization of $15.97 billion, a PE ratio of 19.11 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 50 day moving average price of $283.62 and a two-hundred day moving average price of $289.62. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share 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 analysts' expectations of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. As a group, sell-side analysts anticipate that Reliance will post 16.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the transaction, the chief executive officer now owns 90,230 shares of the company's stock, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.69% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Reliance

A number of large investors have recently bought and sold shares of RS. Toronto Dominion Bank increased its stake in Reliance by 26.7% in 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. increased its stake in Reliance by 24.2% in the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company's stock worth $8,074,000 after buying an additional 5,431 shares during the period. Dearborn Partners LLC increased its stake in Reliance by 4.1% in the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company's stock worth $24,989,000 after buying an additional 3,419 shares during the period. Pure Financial Advisors LLC lifted its holdings in Reliance by 232.9% during the 4th quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company's stock valued at $2,499,000 after buying an additional 6,493 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position 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 buying an additional 1,696 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.