Reliance (NYSE:RS) Releases Q2 Earnings Guidance

Reliance (NYSE:RS) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $4.70 to $4.90 for the period, compared to the consensus estimate of $5.34. Reliance also updated its Q2 2024 guidance to 4.700-4.900 EPS.

Analyst Ratings Changes

RS has been the subject of a number of research reports. BMO Capital Markets dropped their target price on shares of Reliance from $355.00 to $345.00 and set an outperform rating for the company in a research report on Friday. StockNews.com lowered shares of Reliance from a buy rating to a hold rating in a research report on Friday. KeyCorp upped their target price on shares of Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a research report on Friday, February 16th. Finally, Citigroup lowered shares of Reliance from a buy rating to a neutral rating and increased their price objective for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $362.33.

Reliance Trading Down 0.5 %

RS stock traded down $1.51 during trading on Friday, hitting $290.62. The company had a trading volume of 488,495 shares, compared to its average volume of 223,247. The firm has a market capitalization of $16.69 billion, a P/E ratio of 13.57, a PEG ratio of 5.15 and a beta of 0.87. Reliance has a 52-week low of $229.12 and a 52-week high of $342.20. The company has a 50 day simple moving average of $324.88 and a 200-day simple moving average of $291.41. The company has a quick ratio of 3.23, a current ratio of 5.74 and a debt-to-equity ratio of 0.14.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). The company had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period in the prior year, the business earned $6.37 EPS. As a group, research analysts forecast that Reliance will post 19.51 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is 20.55%.

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total transaction of $209,924.00. Following the transaction, the chief executive officer now owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director James Donald Hoffman sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total value of $12,918,000.00. Following the sale, the director now directly owns 54,042 shares in the company, valued at approximately $17,452,863.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $322.96, for a total transaction of $209,924.00. Following the completion of the sale, the chief executive officer now owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 85,996 shares of company stock valued at $27,603,878. Company insiders own 0.69% of the company’s stock.

Reliance Company Profile

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.