Reliance (NYSE:RS) Issues Q2 2024 Earnings Guidance

Reliance (NYSE:RS) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 4.700-4.900 for the period, compared to the consensus EPS estimate of 5.350. The company issued revenue guidance of -. Reliance also updated its Q2 guidance to $4.70 to $4.90 EPS.

Wall Street Analysts Forecast Growth

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

Reliance Stock Down 0.5 %

Shares of NYSE RS opened at $290.62 on Friday. 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 1 year low of $229.12 and a 1 year high of $342.20. The stock has a market capitalization of $16.69 billion, a P/E ratio of 13.57, a P/E/G ratio of 5.12 and a beta of 0.87. The company has a 50-day moving average price of $324.16 and a 200-day moving average price of $291.60.

Reliance (NYSE:RS) last announced its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period in the previous year, the firm earned $6.37 EPS. The firm’s quarterly revenue was down 8.1% on a year-over-year basis. On average, equities research analysts forecast that Reliance will post 19.6 EPS for the current fiscal year.

Reliance Announces Dividend

The company 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. The ex-dividend date is Thursday, May 23rd. This represents a $4.40 annualized dividend and a dividend yield of 1.51%. Reliance’s dividend payout ratio is currently 20.55%.

Insider Activity at Reliance

In related news, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the sale, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the sale, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James Donald Hoffman sold 40,000 shares of the business’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 completion of the transaction, the director now owns 54,042 shares in the company, valued at $17,452,863.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 85,996 shares of company stock valued at $27,603,878. 0.69% of the stock is owned by insiders.

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.