Reliance (NYSE:RS) Releases Q2 2024 Earnings Guidance

Reliance (NYSE:RS) updated its second quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 4.700-4.900 for the period, compared to the consensus 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

Several analysts have weighed in on the company. BMO Capital Markets cut their price objective on Reliance from $355.00 to $345.00 and set an outperform rating on the stock in a research report on Friday. KeyCorp lifted their price objective on Reliance from $300.00 to $362.00 and gave the company an overweight rating in a research report on Friday, February 16th. Citigroup cut Reliance from a buy rating to a neutral rating and lifted their price objective for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, StockNews.com cut Reliance from a buy rating to a hold rating in a research report on Friday. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $362.33.

Reliance Stock Down 0.5 %

Shares of RS traded down $1.51 during mid-day trading on Friday, reaching $290.62. The company had a trading volume of 488,495 shares, compared to its average volume of 223,247. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.23 and a current ratio of 5.74. The firm has a 50-day moving average price of $324.88 and a 200 day moving average price of $291.41. Reliance has a 52 week low of $229.12 and a 52 week high of $342.20. The company has a market capitalization of $16.69 billion, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 5.15 and a beta of 0.87.

Reliance (NYSE:RS) last issued its quarterly earnings results 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). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the prior year, the firm earned $6.37 earnings per share. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. On average, sell-side analysts forecast that Reliance will post 19.51 EPS for the current year.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

Insider Buying and Selling at Reliance

In related news, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were 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 of the company’s stock, valued at $27,091,176.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Reliance news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction on Friday, February 16th. The shares were sold at an average price of $322.96, for a total transaction of $209,924.00. Following the completion of the transaction, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The transaction was disclosed in a legal filing 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 on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the transaction, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock valued at $27,603,878 in the last three months. 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.