Analysts Set Reliance, Inc. (NYSE:RS) Price Target at $329.40

Shares of Reliance, Inc. (NYSE:RS - Get Free Report) have been assigned an average rating of "Hold" from the five ratings firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $329.40.

RS has been the topic of several analyst reports. KeyCorp lowered their target price on Reliance from $341.00 to $325.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 3rd. Wolfe Research cut shares of 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. Finally, Bank of America reduced their price target on shares of Reliance from $340.00 to $335.00 and set a "neutral" rating for the company in a research note on Wednesday, June 26th.

Hedge Funds Weigh In On Reliance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RS. Norges Bank bought a new stake in shares of Reliance during the 4th quarter worth $186,693,000. Acadian Asset Management LLC lifted its position in shares of Reliance by 20.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company's stock worth $358,270,000 after purchasing an additional 184,509 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Reliance by 78.5% during the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company's stock worth $82,816,000 after purchasing an additional 127,422 shares during the last quarter. First Trust Advisors LP boosted its stake in Reliance by 7.9% during the 4th quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company's stock valued at $247,746,000 after purchasing an additional 64,895 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Reliance by 21.5% in the 1st quarter. Principal Financial Group Inc. now owns 348,534 shares of the industrial products company's stock valued at $116,473,000 after buying an additional 61,687 shares during the last quarter. Institutional investors own 79.26% of the company's stock.

Reliance Stock Up 1.4 %

RS traded up $3.86 on Friday, reaching $277.90. The company's stock had a trading volume of 281,648 shares, compared to its average volume of 318,337. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. Reliance has a 1 year low of $237.14 and a 1 year high of $342.20. The business's 50 day moving average is $287.13 and its 200 day moving average is $299.33. The stock has a market cap of $15.29 billion, a price-to-earnings ratio of 12.98 and a beta of 0.85.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.08). The company had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. Reliance's revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the business earned $6.49 earnings per share. As a group, research analysts forecast that Reliance will post 17.21 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $1.10 per share. The ex-dividend date was Friday, August 16th. This represents a $4.40 annualized dividend and a dividend yield of 1.58%. Reliance's dividend payout ratio is 20.55%.

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.