Reliance (NYSE:RS) Raised to “Strong-Buy” at Wall Street Zen

by · The Cerbat Gem

Reliance (NYSE:RS – Get Free Report) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other research analysts also recently weighed in on the stock. Citigroup reiterated a “neutral” rating on shares of Reliance in a research report on Wednesday, July 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of Reliance in a report on Thursday, August 13th. KeyCorp boosted their price objective on Reliance from $378.00 to $418.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Wells Fargo & Company decreased their target price on 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, JPMorgan Chase & Co. reduced their price objective on shares of Reliance from $398.00 to $390.00 and set a “neutral” rating for the company in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $379.83.

Read Our Latest Analysis on RS

Reliance Stock Down 0.0%

Shares of RS stock opened at $400.23 on Friday. Reliance has a twelve month low of $260.31 and a twelve month high of $433.02. The stock has a market cap of $20.44 billion, a P/E ratio of 23.27, a P/E/G ratio of 0.98 and a beta of 0.95. The stock has a 50 day moving average of $400.03 and a 200 day moving average of $374.75. The company has a current ratio of 4.30, a quick ratio of 2.27 and a debt-to-equity ratio of 0.22.

Reliance (NYSE:RS – Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $6.27 EPS for the quarter, topping the consensus estimate of $5.47 by $0.80. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.26 billion. Reliance had a return on equity of 12.51% and a net margin of 5.65%.The business’s quarterly revenue was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.43 EPS. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. As a group, sell-side analysts expect that Reliance will post 23.23 EPS for the current year.

Insider Buying and Selling at Reliance

In other news, SVP William A. Smith II sold 2,353 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total value of $974,636.13. Following the transaction, the senior vice president directly 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Arthur Ajemyan sold 2,200 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $410.11, for a total transaction of $902,242.00. Following the transaction, the chief financial officer owned 14,640 shares in the company, valued at $6,004,010.40. The trade was a 13.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. grew its position in shares of Reliance by 13.2% in the second quarter. QRG Capital Management Inc. now owns 7,966 shares of the industrial products company’s stock valued at $2,976,000 after purchasing an additional 928 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in Reliance by 4.9% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 4,864 shares of the industrial products company’s stock valued at $1,817,000 after buying an additional 226 shares in the last quarter. Tidal Investments LLC grew its holdings in Reliance by 11.4% in the 2nd quarter. Tidal Investments LLC now owns 11,868 shares of the industrial products company’s stock valued at $4,434,000 after buying an additional 1,211 shares in the last quarter. Engineers Gate Manager LP increased its stake in shares of Reliance by 47.2% in the 2nd quarter. Engineers Gate Manager LP now owns 1,590 shares of the industrial products company’s stock worth $594,000 after acquiring an additional 510 shares during the last quarter. Finally, Cidel Asset Management Inc. increased its stake in shares of Reliance by 6.2% in the 2nd quarter. Cidel Asset Management Inc. now owns 1,030 shares of the industrial products company’s stock worth $385,000 after acquiring an additional 60 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Company Profile

(Get Free Report)

Reliance, operating as Reliance Steel & Aluminum Co (NYSE: RS), is a diversified metals service center company. It distributes a broad range of metals, including carbon steel, stainless steel, aluminum, copper, brass, titanium and specialty steel products, serving manufacturers, fabricators, construction companies and other industrial customers.

The company provides value-added services designed to prepare metals for customer use. These services include cutting, leveling, slitting, sawing, machining, forming, coating, welding and other fabrication processes.

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