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

Reliance (NYSE:RS) had its price objective dropped by investment analysts at KeyCorp from $325.00 to $321.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s target price points to a potential upside of 10.84% from the company’s current price.

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

Reliance Price Performance

Shares of NYSE RS opened at $289.60 on Wednesday. The stock has a fifty day moving average of $291.64 and a 200-day moving average of $290.16. The stock has a market cap of $15.67 billion, a PE ratio of 15.94 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. Reliance has a fifty-two week low of $256.98 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 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 firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the prior year, the firm posted $5.00 EPS. Reliance’s revenue was down 5.6% on a year-over-year basis. Equities research analysts anticipate that Reliance will post 16.42 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction on Monday, December 2nd. The shares were 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 directly owns 85,117 shares of the company’s stock, valued at $27,569,396.30. The trade was a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the sale, the senior vice president now owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock valued at $6,856,500 over the last three months. Insiders own 0.69% of the company’s stock.

Institutional Investors Weigh In On Reliance

A number of large investors have recently added to or reduced their stakes in RS. Quarry LP purchased a new stake in shares of Reliance in the 3rd quarter worth about $41,000. Versant Capital Management Inc grew its stake in shares of Reliance by 157.8% in the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 131 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Reliance in the 3rd quarter worth about $78,000. Finally, Abound Wealth Management boosted its stake in Reliance by 35,700.0% in the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after purchasing an additional 357 shares in the last quarter. 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.