Brokerages Set Reliance, Inc. (NYSE:RS) PT at $332.67

Reliance, Inc. (NYSE:RS) has been given a consensus rating of “Hold” by the five ratings firms that are currently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $323.50.

Separately, Wells Fargo & Company raised Reliance to a “hold” rating in a research report on Thursday.

Reliance Price Performance

Shares of RS opened at $286.34 on Wednesday. The company has a market capitalization of $15.06 billion, a price-to-earnings ratio of 20.90, a P/E/G ratio of 1.38 and a beta of 0.89. Reliance has a fifty-two week low of $250.07 and a fifty-two week high of $347.43. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.18 and a quick ratio of 1.51. The business’s 50-day moving average is $310.23 and its 200-day moving average is $296.43.

Reliance (NYSE:RS) last announced its earnings results on Wednesday, July 23rd. The industrial products company reported $4.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.72 by ($0.29). Reliance had a return on equity of 10.48% and a net margin of 5.39%. The company had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same period in the previous year, the company earned $4.65 EPS. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. Equities research analysts expect that Reliance will post 16.98 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 15th. Reliance’s dividend payout ratio (DPR) is currently 35.04%.

Institutional Investors Weigh In On Reliance

Hedge funds and other institutional investors have recently bought and sold shares of the company. TCTC Holdings LLC increased its position in shares of Reliance by 138.9% during the 1st quarter. TCTC Holdings LLC now owns 86 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 50 shares during the last quarter. Private Trust Co. NA boosted its stake in Reliance by 417.6% in the 2nd quarter. Private Trust Co. NA now owns 88 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 71 shares during the period. N.E.W. Advisory Services LLC bought a new stake in Reliance in the 1st quarter valued at $29,000. Wayfinding Financial LLC bought a new stake in Reliance in the 1st quarter valued at $30,000. Finally, Allworth Financial LP lifted its position in shares of Reliance by 46.3% during the 2nd quarter. Allworth Financial LP now owns 139 shares of the industrial products company’s stock valued at $44,000 after acquiring an additional 44 shares during the period. Institutional investors and hedge funds 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.