Reliance (NYSE:RS) Coverage Initiated at The Goldman Sachs Group

Analysts at The Goldman Sachs Group initiated coverage on shares of Reliance (NYSE:RS) in a report issued on Monday,Benzinga reports. The brokerage set a “neutral” rating and a $341.00 price target on the industrial products company’s stock. The Goldman Sachs Group’s target price suggests a potential upside of 6.15% from the company’s previous close.

A number of other research firms have also recently commented on RS. BMO Capital Markets cut their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. KeyCorp cut their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $328.83.

Reliance Price Performance

RS stock opened at $321.24 on Monday. The stock has a market cap of $17.39 billion, a price-to-earnings ratio of 17.64 and a beta of 0.85. Reliance has a fifty-two week low of $261.77 and a fifty-two week high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The business has a 50 day moving average price of $299.47 and a 200 day moving average price of $291.80.

Reliance (NYSE:RS) last issued 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). The company had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.00 EPS. Equities research analysts anticipate that Reliance will post 16.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were 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 Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction dated 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 completion of the sale, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Assetmark Inc. boosted its position in shares of Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock worth $8,074,000 after purchasing an additional 5,431 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in Reliance by 292.7% during the second quarter. Harbor Capital Advisors Inc. now owns 3,593 shares of the industrial products company’s stock worth $1,026,000 after buying an additional 2,678 shares during the period. Janus Henderson Group PLC increased its holdings in Reliance by 96.6% in the first quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock valued at $1,664,000 after buying an additional 2,447 shares in the last quarter. AXA S.A. lifted its position in shares of Reliance by 5.4% during the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock valued at $22,658,000 after acquiring an additional 4,032 shares during the period. Finally, Cetera Investment Advisers lifted its position in shares of Reliance by 79.3% during the 1st quarter. Cetera Investment Advisers now owns 10,162 shares of the industrial products company’s stock valued at $3,396,000 after acquiring an additional 4,494 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

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.