Reliance (NYSE:RS) Stock Rating Lowered by Citigroup

Reliance (NYSE:RS) was downgraded by investment analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. They currently have a $380.00 price target on the industrial products company’s stock, up from their previous price target of $280.00. Citigroup’s price objective suggests a potential upside of 16.81% from the stock’s current price.

RS has been the subject of several other reports. BMO Capital Markets lifted their price objective on Reliance from $295.00 to $355.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. KeyCorp boosted their price target on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Reliance has a consensus rating of “Moderate Buy” and a consensus target price of $365.67.

Reliance Stock Down 1.6 %

RS opened at $325.31 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.66 and a quick ratio of 3.23. The business has a 50 day simple moving average of $321.69 and a 200-day simple moving average of $287.87. The stock has a market capitalization of $18.68 billion, a P/E ratio of 14.39, a P/E/G ratio of 5.85 and a beta of 0.87. Reliance has a 12 month low of $229.12 and a 12 month high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, February 15th. The industrial products company reported $4.73 EPS for the quarter, beating the consensus estimate of $3.92 by $0.81. The business had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The company’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same period last year, the firm earned $5.87 EPS. On average, equities analysts anticipate that Reliance will post 19.51 earnings per share for the current fiscal year.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the transaction, the chief executive officer now directly owns 83,884 shares in the company, valued at $27,091,176.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the completion of the sale, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 85,996 shares of company stock worth $27,603,878. 0.62% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. raised its stake in Reliance by 212.0% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 6,876 shares of the industrial products company’s stock valued at $1,261,000 after buying an additional 4,672 shares in the last quarter. American Century Companies Inc. raised its stake in Reliance by 0.8% during the first quarter. American Century Companies Inc. now owns 11,264 shares of the industrial products company’s stock valued at $2,065,000 after buying an additional 88 shares in the last quarter. APG Asset Management N.V. acquired a new stake in Reliance during the first quarter valued at approximately $1,533,000. Great West Life Assurance Co. Can raised its stake in Reliance by 8.2% during the first quarter. Great West Life Assurance Co. Can now owns 40,567 shares of the industrial products company’s stock valued at $7,679,000 after buying an additional 3,058 shares in the last quarter. Finally, Sei Investments Co. raised its stake in Reliance by 14.6% during the first quarter. Sei Investments Co. now owns 35,984 shares of the industrial products company’s stock valued at $6,602,000 after buying an additional 4,573 shares in the last quarter. Hedge funds and other institutional investors 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.