Reliance (NYSE:RS) Issues Q2 Earnings Guidance

Reliance (NYSE:RS) updated its second quarter earnings guidance on Thursday. The company provided EPS guidance of $4.70 to $4.90 for the period, compared to the consensus EPS estimate of $5.34. Reliance also updated its Q2 2024 guidance to 4.700-4.900 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Citigroup downgraded Reliance from a buy rating to a neutral rating and lifted their target price for the stock from $280.00 to $380.00 in a report on Thursday, April 11th. BMO Capital Markets decreased their price target on Reliance from $355.00 to $345.00 and set an outperform rating on the stock in a research note on Friday. Finally, KeyCorp increased their target price on Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a research note on Friday, February 16th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Reliance presently has a consensus rating of Moderate Buy and a consensus price target of $362.33.

Reliance Stock Performance

RS traded down $1.71 on Friday, hitting $290.42. 488,495 shares of the stock traded hands, compared to its average volume of 248,402. Reliance has a 52 week low of $229.12 and a 52 week high of $342.20. The company has a current ratio of 5.66, a quick ratio of 3.23 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $16.68 billion, a PE ratio of 12.85, a P/E/G ratio of 5.52 and a beta of 0.87. The business has a fifty day moving average price of $324.88 and a two-hundred day moving average price of $291.41.

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

Reliance Dividend Announcement

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 issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is presently 19.46%.

Insider Transactions at Reliance

In related news, Director James Donald Hoffman sold 40,000 shares of the firm’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 sale, the director now directly owns 54,042 shares in the company, valued at approximately $17,452,863.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director James Donald Hoffman sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the transaction, the director now directly owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the transaction, the chief financial officer now directly owns 15,577 shares in the company, 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 worth $27,603,878 in the last three months. Insiders own 0.69% of the company’s stock.

About Reliance

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.