JPMorgan Chase & Co. Lowers Reliance (NYSE:RS) Price Target to $390.00

Key Points

• JPMorgan lowered Reliance Steel & Aluminum’s price target from $398 to $390 while maintaining a neutral rating, implying roughly 1.1% downside from the stock’s $394.33 price.
• Analyst sentiment remains mixed, with Reliance carrying an overall “Hold” rating and an average price target of $379.83; targets from other firms range from $391 to $418.
• Reliance reported stronger-than-expected quarterly results, posting $6.27 in EPS versus a $5.47 estimate and $4.63 billion in revenue, up 26.5% year over year. Two company insiders subsequently sold shares, while institutional investors own 79.26% of the stock.

Reliance (NYSE:RS - Get Free Report) had its target price lowered by research analysts at JPMorgan Chase & Co. from $398.00 to $390.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a "neutral" rating on the industrial products company's stock. JPMorgan Chase & Co.'s price target points to a potential downside of 1.10% from the stock's current price.

RS has been the subject of several other reports. Citigroup reiterated a "neutral" rating on shares of Reliance in a research report on Wednesday, July 29th. Zacks Research raised Reliance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. KeyCorp raised their price objective on shares of Reliance from $378.00 to $418.00 and gave the company an "overweight" rating in a report on Wednesday, June 24th. Wells Fargo & Company cut their target price on shares of Reliance from $398.00 to $391.00 and set an "equal weight" rating on the stock in a research report on Monday, August 24th. Finally, BMO Capital Markets upped their price target on shares of Reliance from $390.00 to $415.00 and gave the company a "market perform" rating in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $379.83.

Reliance Price Performance

Reliance stock traded down $3.98 during mid-day trading on Wednesday, reaching $394.33. The company had a trading volume of 69,016 shares, compared to its average volume of 351,511. Reliance has a fifty-two week low of $260.31 and a fifty-two week high of $433.02. The company has a current ratio of 4.30, a quick ratio of 2.27 and a debt-to-equity ratio of 0.22. The company has a market cap of $20.13 billion, a P/E ratio of 22.93, a P/E/G ratio of 1.03 and a beta of 0.96. The business has a fifty day simple moving average of $397.95 and a 200 day simple moving average of $364.69.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share for the quarter, topping analysts' consensus estimates of $5.47 by $0.80. Reliance had a net margin of 5.65% and a return on equity of 12.51%. The firm had revenue of $4.63 billion for the quarter, compared to analysts' expectations of $4.26 billion. During the same quarter in the previous year, the firm posted $4.43 earnings per share. The company's revenue was up 26.5% on a year-over-year basis. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. On average, equities research analysts predict that Reliance will post 22.23 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Arthur Ajemyan sold 2,200 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $410.11, for a total value of $902,242.00. Following the sale, the chief financial officer directly owned 14,640 shares of the company's stock, valued at approximately $6,004,010.40. This represents a 13.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP William A. Smith II sold 2,353 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $414.21, for a total transaction of $974,636.13. Following the sale, the senior vice president owned 19,394 shares of the company's stock, valued at approximately $8,033,188.74. This trade represents a 10.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.40% of the company's stock.

Institutional Trading of Reliance

A number of institutional investors have recently bought and sold shares of RS. Costello Asset Management INC acquired a new position in shares of Reliance in the 1st quarter valued at about $30,000. N.E.W. Advisory Services LLC acquired a new stake in Reliance during the second quarter worth approximately $37,000. Brown Brothers Harriman & Co. increased its holdings in Reliance by 86.2% in the fourth quarter. Brown Brothers Harriman & Co. now owns 108 shares of the industrial products company's stock worth $31,000 after purchasing an additional 50 shares in the last quarter. Compass Financial Management LLC acquired a new position in Reliance in the second quarter valued at approximately $46,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Reliance during the 2nd quarter worth approximately $41,000. Institutional investors own 79.26% of the company's stock.

Reliance Company Profile

Reliance Steel & Aluminum Co NYSE: RS is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.

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