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

Reliance (NYSE:RS) had its price objective decreased by KeyCorp from $325.00 to $321.00 in a research note released on Wednesday,Benzinga reports. KeyCorp currently has an overweight rating on the industrial products company’s stock. KeyCorp also issued estimates for Reliance’s FY2024 earnings at $16.43 EPS and FY2025 earnings at $19.15 EPS.

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

Reliance Stock Performance

NYSE RS opened at $290.79 on Wednesday. The stock has a market capitalization of $15.74 billion, a PE ratio of 15.97 and a beta of 0.91. The business has a 50 day simple moving average of $290.30 and a two-hundred day simple moving average of $290.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. Reliance has a 1-year low of $256.98 and a 1-year high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.00 EPS. On average, research analysts predict that Reliance will post 16.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the sale, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,724 shares of company stock valued at $6,856,500. Insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. DAVENPORT & Co LLC increased its holdings in Reliance by 18.7% during the 4th quarter. DAVENPORT & Co LLC now owns 1,620 shares of the industrial products company’s stock worth $436,000 after purchasing an additional 255 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. increased its holdings in shares of Reliance by 0.9% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 150,140 shares of the industrial products company’s stock valued at $40,427,000 after acquiring an additional 1,410 shares during the period. Hunter Associates Investment Management LLC increased its holdings in shares of Reliance by 4.6% in the 4th quarter. Hunter Associates Investment Management LLC now owns 7,360 shares of the industrial products company’s stock valued at $1,989,000 after acquiring an additional 324 shares during the period. Swedbank AB raised its position in shares of Reliance by 1.6% in the 4th quarter. Swedbank AB now owns 43,568 shares of the industrial products company’s stock worth $11,731,000 after acquiring an additional 687 shares in the last quarter. Finally, BSW Wealth Partners raised its position in shares of Reliance by 23.5% in the 4th quarter. BSW Wealth Partners now owns 2,215 shares of the industrial products company’s stock worth $596,000 after acquiring an additional 422 shares in the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

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.