Reliance, Inc. (NYSE:RS) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Reliance, Inc. has received an average recommendation of "Hold" from five brokerages, with one sell rating, two hold ratings, and two buy ratings among analysts.
• Wells Fargo recently initiated coverage on Reliance with a "negative" rating, reflecting caution regarding the company.
• Reliance announced a quarterly dividend of $1.20 per share, with an annualized yield of 1.6%, which is scheduled for payout on August 29th.

Reliance, Inc. (NYSE:RS - Get Free Report) has been given an average recommendation of "Hold" by the five research firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $332.6667.

Separately, Wells Fargo & Company assumed coverage on Reliance in a research note on Wednesday. They set a "negative" rating for the company.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RS. Merewether Investment Management LP purchased a new stake in Reliance during the 4th quarter valued at about $9,963,000. GAMMA Investing LLC lifted its position in Reliance by 17.4% in the first quarter. GAMMA Investing LLC now owns 966 shares of the industrial products company's stock valued at $279,000 after purchasing an additional 143 shares during the last quarter. NDVR Inc. boosted its stake in shares of Reliance by 5.8% during the fourth quarter. NDVR Inc. now owns 882 shares of the industrial products company's stock valued at $237,000 after purchasing an additional 48 shares during the period. SG Americas Securities LLC grew its holdings in shares of Reliance by 567.7% in the first quarter. SG Americas Securities LLC now owns 5,629 shares of the industrial products company's stock worth $1,625,000 after purchasing an additional 4,786 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Reliance by 3.5% in the fourth quarter. BNP Paribas Financial Markets now owns 23,469 shares of the industrial products company's stock worth $6,319,000 after buying an additional 787 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Stock Performance

Reliance stock traded up $7.27 during mid-day trading on Wednesday, reaching $293.78. The company's stock had a trading volume of 236,387 shares, compared to its average volume of 410,680. Reliance has a 12-month low of $250.07 and a 12-month high of $347.43. The company has a market capitalization of $15.45 billion, a P/E ratio of 21.44, a PEG ratio of 1.35 and a beta of 0.89. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.51 and a current ratio of 3.18. The firm's fifty day moving average price is $311.35 and its two-hundred day moving average price is $296.48.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $4.43 earnings per share for the quarter, missing analysts' consensus estimates of $4.72 by ($0.29). Reliance had a net margin of 5.39% and a return on equity of 10.48%. The business had revenue of $3.66 billion during the quarter, compared to analysts' expectations of $3.66 billion. During the same quarter in the prior year, the firm posted $4.65 earnings per share. The firm's quarterly revenue was up .5% on a year-over-year basis. Sell-side analysts predict that Reliance will post 16.98 EPS for the current fiscal year.

Reliance Dividend Announcement

The business 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. The ex-dividend date is Friday, August 15th. This represents a $4.80 annualized dividend and a yield of 1.6%. Reliance's payout ratio is 35.04%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.