Seaport Res Ptn Weighs in on Reliance, Inc.’s Q2 2024 Earnings (NYSE:RS)

Reliance, Inc. (NYSE:RS) – Investment analysts at Seaport Res Ptn increased their Q2 2024 EPS estimates for Reliance in a research note issued to investors on Thursday, April 25th. Seaport Res Ptn analyst M. Englert now expects that the industrial products company will post earnings per share of $4.75 for the quarter, up from their previous estimate of $4.71. The consensus estimate for Reliance’s current full-year earnings is $19.60 per share. Seaport Res Ptn also issued estimates for Reliance’s FY2024 earnings at $18.75 EPS and Q1 2025 earnings at $4.61 EPS.

A number of other equities analysts have also weighed in on the stock. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and boosted their target price for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. BMO Capital Markets lowered their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Finally, KeyCorp lifted their target price on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research report on Friday, February 16th.

Reliance Stock Down 3.2 %

Shares of Reliance stock opened at $284.54 on Monday. The company has a 50-day simple moving average of $323.51 and a two-hundred day simple moving average of $292.25. Reliance has a 52-week low of $229.12 and a 52-week high of $342.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. The stock has a market capitalization of $16.34 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 5.09 and a beta of 0.87.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter in the previous year, the firm posted $6.37 EPS. The firm’s quarterly revenue was down 8.1% compared to the same quarter last year.

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be paid a $1.10 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $4.40 annualized dividend and a yield of 1.55%. Reliance’s payout ratio is 20.55%.

Insider Buying and Selling at Reliance

In other news, CFO Arthur Ajemyan sold 3,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 15,577 shares in the company, valued at approximately $5,030,592.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director James Donald Hoffman sold 40,000 shares of Reliance stock in a transaction dated 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 completion of the transaction, the director now directly owns 54,042 shares of the company’s stock, valued at approximately $17,452,863.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Arthur Ajemyan sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the sale, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 85,996 shares of company stock worth $27,603,878. Insiders own 0.69% of the company’s stock.

Institutional Trading of Reliance

Several institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP increased its holdings in Reliance by 2.3% during the 4th quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock worth $342,405,000 after purchasing an additional 27,074 shares during the period. First Trust Advisors LP raised its holdings in shares of Reliance by 7.9% in the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after acquiring an additional 64,895 shares in the last quarter. Invesco Ltd. lifted its stake in Reliance by 35.4% in the third quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock worth $189,790,000 after acquiring an additional 189,326 shares during the period. Northern Trust Corp grew its holdings in Reliance by 6.0% during the 3rd quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock worth $177,215,000 after acquiring an additional 37,971 shares in the last quarter. Finally, Norges Bank bought a new position in Reliance during the 4th quarter worth about $186,693,000. 79.26% of the stock is currently owned by institutional investors.

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.