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

Reliance (NYSE:RS) had its target price upped by research analysts at KeyCorp from $321.00 to $327.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price target points to a potential upside of 10.39% from the company’s current price.

RS has been the topic of a number of other reports. The Goldman Sachs Group initiated coverage on shares of Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Reliance has a consensus rating of “Hold” and an average target price of $329.17.

Reliance Stock Performance

Shares of RS opened at $296.22 on Monday. The firm has a fifty day moving average of $282.48 and a 200-day moving average of $289.55. The company has a market cap of $16.03 billion, a price-to-earnings ratio of 19.19 and a beta of 0.90. 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 has a 1 year low of $256.98 and a 1 year high of $342.20.

Reliance (NYSE:RS) last announced its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 EPS for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The firm had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.04 billion. As a group, equities analysts anticipate that Reliance will post 16.98 earnings per share for the current year.

Insider Buying and Selling at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $300.52, for a total value of $9,356,990.72. Following the transaction, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at $27,115,919.60. This trade represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Reliance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RS. Quarry LP purchased a new stake in shares of Reliance in the third quarter worth approximately $41,000. Coppell Advisory Solutions LLC grew its position in Reliance by 224.6% in the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company’s stock worth $49,000 after acquiring an additional 128 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 131 shares during the last quarter. Transce3nd LLC bought a new stake in Reliance in the fourth quarter worth $58,000. Finally, Brooklyn Investment Group bought a new position in Reliance during the third quarter valued at about $78,000. 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.