Reliance, Inc. to Post Q2 2024 Earnings of $4.75 Per Share, Seaport Res Ptn Forecasts (NYSE:RS)

Reliance, Inc. (NYSE:RS) – Research analysts at Seaport Res Ptn upped their Q2 2024 earnings per share estimates for Reliance in a report released on Thursday, April 25th. Seaport Res Ptn analyst M. Englert now anticipates that the industrial products company will earn $4.75 per share for the quarter, up from their previous forecast of $4.71. The consensus estimate for Reliance’s current full-year earnings is $19.60 per share. Seaport Res Ptn also issued estimates for Reliance’s FY2024 earnings at $18.75 EPS and Q1 2025 earnings at $4.61 EPS.

Other analysts also recently issued research reports about the company. KeyCorp lifted their target price on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Citigroup cut shares of Reliance from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, BMO Capital Markets lowered their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th.

Reliance Stock Down 3.2 %

Reliance stock opened at $284.54 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. Reliance has a one year low of $229.12 and a one year high of $342.20. The company has a 50-day simple moving average of $323.51 and a 200-day simple moving average of $292.25. The firm has a market capitalization of $16.34 billion, a P/E ratio of 13.47, a P/E/G ratio of 5.09 and a beta of 0.87.

Reliance (NYSE:RS) last released its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share 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 business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the previous year, the firm earned $6.37 EPS. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis.

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 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s payout ratio is 20.55%.

Insider Activity at Reliance

In other news, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at $26,963,809.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the transaction, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Donald Hoffman sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total value of $12,918,000.00. Following the completion of the sale, the director now owns 54,042 shares of the company’s stock, valued at approximately $17,452,863.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 85,996 shares of company stock valued at $27,603,878. Corporate insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AE Wealth Management LLC acquired a new position in shares of Reliance in the 3rd quarter worth approximately $388,000. SG Americas Securities LLC boosted its stake in shares of Reliance by 113.0% in the 3rd quarter. SG Americas Securities LLC now owns 1,706 shares of the industrial products company’s stock valued at $447,000 after purchasing an additional 905 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Reliance by 57.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,072 shares of the industrial products company’s stock worth $806,000 after purchasing an additional 1,126 shares during the last quarter. UMB Bank n.a. increased its position in shares of Reliance by 26.4% during the 3rd quarter. UMB Bank n.a. now owns 230 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 48 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its holdings in Reliance by 16.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 28,146 shares of the industrial products company’s stock valued at $7,381,000 after purchasing an additional 3,894 shares during the last quarter. Institutional investors own 79.26% 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.