Reliance (NYSE:RS) Releases Q2 Earnings Guidance

Reliance (NYSE:RS) issued an update on its second quarter earnings guidance on Thursday morning. 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.

Reliance Trading Down 0.6 %

Shares of RS stock traded down $1.71 during mid-day trading on Friday, reaching $290.42. 488,495 shares of the stock traded hands, compared to its average volume of 248,402. The stock’s fifty day simple moving average is $324.88 and its two-hundred day simple moving average is $291.41. The company has a quick ratio of 3.23, a current ratio of 5.66 and a debt-to-equity ratio of 0.15. The company has a market cap of $16.68 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 5.52 and a beta of 0.87. Reliance has a 1-year low of $229.12 and a 1-year high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). The company had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. Reliance’s revenue was down 8.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.37 earnings per share. On average, research analysts anticipate that Reliance will post 19.51 EPS for the current fiscal year.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Thursday, May 23rd. Reliance’s dividend payout ratio is currently 19.46%.

Analysts Set New Price Targets

A number of brokerages have weighed in on RS. KeyCorp lifted their target price on Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a report on Friday, February 16th. Citigroup downgraded Reliance from a buy rating to a neutral rating and boosted their price objective for the company from $280.00 to $380.00 in a report on Thursday, April 11th. Finally, BMO Capital Markets decreased their price objective on Reliance from $355.00 to $345.00 and set an outperform rating for the company in a report on Friday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $362.33.

Insider Activity

In related news, CEO Karla R. Lewis sold 42,346 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Reliance news, CEO Karla R. Lewis sold 650 shares of the company’s 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 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 the SEC website. Also, CEO Karla R. Lewis sold 42,346 shares of the stock in a transaction on 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 owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock worth $27,603,878 over the last quarter. 0.69% of the stock is currently owned by corporate 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.