BMO Capital Markets Trims Reliance (NYSE:RS) Target Price to $330.00

Reliance (NYSE:RS - Free Report) had its target price decreased by BMO Capital Markets from $340.00 to $330.00 in a research note published on Friday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the industrial products company's stock.

Other analysts have also issued research reports about the company. Wolfe Research lowered Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 price target for the company. in a research note on Friday, July 26th. KeyCorp cut their target price on shares of Reliance from $335.00 to $325.00 and set an "overweight" rating on the stock in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $326.40.

Reliance Trading Down 3.5 %

Reliance stock traded down $10.26 during trading hours on Friday, reaching $283.54. The company had a trading volume of 368,710 shares, compared to its average volume of 319,721. The firm has a market cap of $15.60 billion, a price-to-earnings ratio of 14.64 and a beta of 0.85. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The company has a 50-day moving average price of $283.60 and a 200 day moving average price of $291.55.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to analysts' expectations of $3.38 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The company's quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the company earned $5.00 EPS. Equities analysts forecast that Reliance will post 17.16 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.55%. Reliance's payout ratio is 22.46%.

Hedge Funds Weigh In On Reliance

Several large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in Reliance by 4.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company's stock valued at $333,809,000 after buying an additional 53,747 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Reliance by 20.8% in the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company's stock worth $358,270,000 after buying an additional 184,509 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Reliance by 13.3% in the second quarter. Principal Financial Group Inc. now owns 394,793 shares of the industrial products company's stock worth $112,753,000 after buying an additional 46,259 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company's stock worth $82,816,000 after buying an additional 127,422 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Reliance by 21.1% during the second quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company's stock valued at $57,871,000 after buying an additional 35,336 shares during the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

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.