Reliance (NYSE:RS) Issues Q2 2024 Earnings Guidance

Reliance (NYSE:RS) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 4.700-4.900 for the period, compared to the consensus EPS 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 Analyst Weigh In

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

Reliance Trading Down 0.5 %

NYSE RS opened at $290.62 on Friday. The stock has a market cap of $16.69 billion, a P/E ratio of 13.57, a PEG ratio of 5.12 and a beta of 0.87. The company’s fifty day simple moving average is $324.16 and its 200-day simple moving average is $291.60. The company has a current ratio of 5.74, a quick ratio of 3.23 and a debt-to-equity ratio of 0.14. Reliance has a 52 week low of $229.12 and a 52 week high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.21). The firm had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period last year, the firm earned $6.37 EPS. Equities research analysts predict that Reliance will post 19.6 EPS for the current fiscal year.

Reliance Announces Dividend

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 $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Thursday, May 23rd. Reliance’s payout ratio is 20.55%.

Insider Activity at Reliance

In related 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 completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Reliance news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction that occurred 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 directly owns 83,884 shares in the company, valued at $27,091,176.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 84,534 shares in the company, valued at $26,963,809.98. The disclosure for this sale can be found here. Insiders have sold 85,996 shares of company stock valued at $27,603,878 over the last ninety days. Corporate insiders own 0.69% 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.