Reliance (NYSE:RS) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Reliance Steel & Aluminum to “strong buy” from “hold,” while the broader analyst consensus remains “hold” with a $378.67 target price.
• Reliance reported quarterly EPS of $6.27, beating estimates of $5.47, and revenue of $4.63 billion, up 26.5% year over year. The company guided for third-quarter EPS of $6.40–$6.60.
• The stock opened at $415.72, near its 52-week high of $419.83. Two executives recently sold shares, while institutional investors own 79.26% of the company.

Reliance (NYSE:RS - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

A number of other equities analysts also recently weighed in on RS. Seaport Research Partners upped their price target on Reliance from $340.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Wall Street Zen raised shares of Reliance from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Bank of America cut shares of Reliance from a "neutral" rating to an "underperform" rating and set a $365.00 target price for the company. in a report on Thursday, April 30th. Weiss Ratings raised shares of Reliance from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, May 18th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Reliance from $378.00 to $376.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $378.67.

Reliance Stock Performance

RS opened at $415.72 on Monday. The company has a market capitalization of $21.22 billion, a price-to-earnings ratio of 24.17, a P/E/G ratio of 1.10 and a beta of 0.96. The business's 50-day moving average price is $392.97 and its two-hundred day moving average price is $352.73. Reliance has a 1 year low of $260.31 and a 1 year high of $419.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.30 and a quick ratio of 2.27.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share for the quarter, topping the consensus estimate of $5.47 by $0.80. The company had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.26 billion. Reliance had a return on equity of 12.51% and a net margin of 5.65%.Reliance's revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.43 earnings per share. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. Equities analysts expect that Reliance will post 21.33 EPS for the current fiscal year.

Insider Buying and Selling at Reliance

In other news, CFO Arthur Ajemyan sold 2,200 shares of the business's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $410.11, for a total transaction of $902,242.00. Following the transaction, the chief financial officer directly owned 14,640 shares in the company, valued at $6,004,010.40. The trade was a 13.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP William A. Smith II sold 2,353 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total transaction of $974,636.13. Following the completion of the sale, the senior vice president directly owned 19,394 shares in the company, valued at approximately $8,033,188.74. The trade was 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.

Hedge Funds Weigh In On Reliance

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Costello Asset Management INC bought a new stake in Reliance in the first quarter valued at approximately $30,000. Brown Brothers Harriman & Co. increased its holdings in shares of Reliance by 86.2% during the 4th quarter. Brown Brothers Harriman & Co. now owns 108 shares of the industrial products company's stock worth $31,000 after acquiring an additional 50 shares during the last quarter. Greenline Wealth Management LLC acquired a new position in shares of Reliance during the 4th quarter worth approximately $32,000. Quarry LP bought a new stake in Reliance in the 3rd quarter valued at $32,000. Finally, Parkside Financial Bank & Trust lifted its holdings in Reliance by 87.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 118 shares of the industrial products company's stock valued at $34,000 after purchasing an additional 55 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source