Reliance (NYSE:RS) Issues Earnings Results, Beats Estimates By $1.19 EPS

Reliance (NYSE:RS) released its quarterly earnings data on Wednesday. The industrial products company reported $8.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.83 by $1.19, FiscalAI reports. The business had revenue of $5.21 billion during the quarter, compared to analyst estimates of $4.74 billion. Reliance had a return on equity of 15.57% and a net margin of 6.38%. The business’s revenue for the quarter was up 42.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.64 EPS.

Reliance Price Performance

Shares of NYSE RS opened at $416.63 on Friday. The stock has a market cap of $21.27 billion, a P/E ratio of 24.22, a P/E/G ratio of 0.96 and a beta of 0.95. The firm’s 50-day simple moving average is $397.76 and its 200 day simple moving average is $385.39. Reliance has a fifty-two week low of $260.31 and a fifty-two week high of $435.00. The company has a quick ratio of 2.27, a current ratio of 4.30 and a debt-to-equity ratio of 0.22.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Friday, November 20th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, November 20th. Reliance’s payout ratio is currently 29.07%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Weiss Ratings upgraded Reliance from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Zacks Research raised shares of Reliance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. KeyCorp boosted their target price on shares of Reliance from $418.00 to $421.00 and gave the company an “overweight” rating in a research note on Monday, October 5th. Barclays assumed coverage on shares of Reliance in a research report on Wednesday, October 14th. They issued an “equal weight” rating and a $420.00 target price for the company. Finally, BMO Capital Markets lifted 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. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Reliance currently has an average rating of “Hold” and a consensus target price of $391.57.

Insider Transactions at Reliance

In other Reliance news, SVP William A. Smith II sold 2,353 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total transaction of $974,636.13. Following the sale, the senior vice president directly owned 19,394 shares in the company, valued at approximately $8,033,188.74. The trade was a 10.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 sale, the chief financial officer directly owned 14,640 shares of the company’s stock, valued at approximately $6,004,010.40. This represents a 13.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.40% of the company’s stock.

About Reliance

Reliance, Inc (NYSE: RS) is a diversified metals service center company that supplies processed metal products and related services to industrial manufacturers, fabricators, and other commercial customers. Its product offerings include carbon steel, stainless steel, aluminum, copper, brass, and other specialty metals.

The company provides value-added processing services such as cutting, slitting, leveling, blanking, machining, forming, and precision sawing. These services allow customers to purchase metals in customized sizes and specifications, helping reduce their need for in-house processing and inventory management.

Founded in 1939, Reliance serves a broad range of industries, including nonresidential construction, transportation, aerospace and defense, energy, electronics, machinery, and general manufacturing.