Reliance (NYSE:RS) Posts Quarterly Earnings Results, Misses Estimates By $0.21 EPS

Reliance (NYSE:RS) posted its earnings results on Thursday. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21), Briefing.com reports. Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period in the previous year, the company posted $6.37 EPS. Reliance’s revenue for the quarter was down 8.1% compared to the same quarter last year. Reliance updated its Q2 2024 guidance to 4.700-4.900 EPS and its Q2 guidance to $4.70 to $4.90 EPS.

Reliance Stock Down 0.5 %

NYSE RS opened at $290.62 on Friday. The business has a fifty day moving average price of $324.16 and a two-hundred day moving average price of $291.60. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.23. Reliance has a fifty-two week low of $229.12 and a fifty-two week high of $342.20. The stock has a market capitalization of $16.69 billion, a PE ratio of 13.57, a PEG ratio of 5.12 and a beta of 0.87.

Reliance Announces Dividend

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 paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s payout ratio is presently 20.55%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RS shares. BMO Capital Markets decreased their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and increased their price target for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research report on Friday. Finally, KeyCorp increased their price target on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Reliance currently has an average rating of “Hold” and a consensus price target of $362.33.

Insider Activity

In other news, CEO Karla R. Lewis sold 650 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the transaction, the chief executive officer now directly owns 83,884 shares in the company, valued at approximately $27,091,176.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Reliance news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $322.96, for a total transaction of $209,924.00. Following the transaction, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the transaction, the chief financial officer now directly owns 15,577 shares in the company, valued at $5,030,592.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 85,996 shares of company stock worth $27,603,878. Insiders own 0.69% of the company’s stock.

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.