JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Reliance (NYSE:RS) Stock

Reliance (NYSE:RS) had its target price boosted by analysts at JPMorgan Chase & Co. from $390.00 to $400.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 0.50% from the stock’s current price.

RS has been the subject of several other research reports. Wells Fargo & Company decreased their price target on Reliance from $398.00 to $391.00 and set an “equal weight” rating for the company in a research note on Monday, August 24th. Zacks Research upgraded Reliance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Reliance in a research report on Thursday, August 13th. BMO Capital Markets increased their price target on Reliance from $390.00 to $415.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Finally, Wall Street Zen raised shares of Reliance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 3rd. One 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 company’s stock. According to data from MarketBeat.com, Reliance has a consensus rating of “Hold” and a consensus price target of $382.00.

Reliance Stock Up 1.3%

Shares of Reliance stock traded up $5.11 during midday trading on Friday, reaching $402.02. 96,727 shares of the company’s stock traded hands, compared to its average volume of 342,805. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.27 and a current ratio of 4.30. Reliance has a 52 week low of $260.31 and a 52 week high of $433.02. The company’s 50 day simple moving average is $399.64 and its 200 day simple moving average is $377.72. The company has a market cap of $20.52 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 0.97 and a beta of 0.95.

Reliance (NYSE:RS) last issued its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.47 by $0.80. The firm had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.26 billion. Reliance had a net margin of 5.65% and a return on equity of 12.51%. Reliance’s revenue for the quarter was up 26.5% on a year-over-year basis. During the same period in the prior year, the company posted $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 23.23 earnings per share for the current fiscal year.

Insider Activity at Reliance

In other news, CFO Arthur Ajemyan sold 2,200 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $410.11, for a total transaction of $902,242.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP William Smith, II sold 2,353 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total value of $974,636.13. Following the completion of the sale, the senior vice president directly owned 19,394 shares of the company’s stock, valued at $8,033,188.74. This represents a 10.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.40% of the company’s stock.

Institutional Trading of Reliance

A number of hedge funds have recently bought and sold shares of RS. PensionDanmark Pensionsforsikringsaktieselskab increased its stake in shares of Reliance by 542.5% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 9,766 shares of the industrial products company’s stock valued at $3,649,000 after buying an additional 8,246 shares in the last quarter. Cornerstone Capital Inc. acquired a new position in Reliance during the 2nd quarter worth about $23,725,000. Bank of America Corp DE lifted its position in Reliance by 4.9% during the 1st quarter. Bank of America Corp DE now owns 263,191 shares of the industrial products company’s stock worth $79,989,000 after buying an additional 12,282 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Reliance during the 2nd quarter worth about $8,808,000. Finally, NewEdge Advisors LLC grew its holdings in Reliance by 189.2% during the 2nd quarter. NewEdge Advisors LLC now owns 6,423 shares of the industrial products company’s stock worth $2,399,000 after acquiring an additional 4,202 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

About Reliance

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.