Reliance (NYSE:RS) Raised to Hold at Wells Fargo & Company

Reliance (NYSE:RS) was upgraded by Wells Fargo & Company to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

Reliance Stock Performance

Shares of Reliance stock opened at $286.34 on Thursday. The stock’s fifty day moving average is $310.23 and its two-hundred day moving average is $296.43. The company has a market capitalization of $15.06 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 1.38 and a beta of 0.89. The company has a quick ratio of 1.51, a current ratio of 3.18 and a debt-to-equity ratio of 0.14. Reliance has a 52 week low of $250.07 and a 52 week high of $347.43.

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

Hedge Funds Weigh In On Reliance

Several hedge funds have recently bought and sold shares of RS. TCTC Holdings LLC grew 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 buying an additional 50 shares in the last quarter. Private Trust Co. NA grew its position in shares of Reliance by 417.6% during the 2nd quarter. Private Trust Co. NA now owns 88 shares of the industrial products company’s stock worth $28,000 after buying an additional 71 shares in the last quarter. N.E.W. Advisory Services LLC bought a new position in shares of Reliance during the 1st quarter worth $29,000. Wayfinding Financial LLC bought a new position in shares of Reliance during the 1st quarter worth $30,000. Finally, Allworth Financial LP grew 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 worth $44,000 after buying an additional 44 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.