Reliance (NYSE:RS) Issues Q2 2024 Earnings Guidance

Reliance (NYSE:RS) updated its second quarter 2024 earnings guidance on Thursday. 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.

Reliance Stock Down 0.5 %

NYSE:RS traded down $1.51 during trading hours on Friday, hitting $290.62. The stock had a trading volume of 488,495 shares, compared to its average volume of 223,247. 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 1-year low of $229.12 and a 1-year high of $342.20. The business has a 50 day simple moving average of $324.88 and a two-hundred day simple moving average of $291.41. The company has a market cap of $16.69 billion, a PE 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 data 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). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period last year, the business earned $6.37 EPS. The firm’s revenue was down 8.1% compared to the same quarter last year. Analysts predict that Reliance will post 19.51 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors 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 of this dividend is Thursday, May 23rd. Reliance’s payout ratio is currently 20.55%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. 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 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 research note on Thursday, April 11th. BMO Capital Markets lowered their price target on Reliance from $355.00 to $345.00 and set an outperform rating for the company in a research note on Friday. Finally, StockNews.com cut Reliance from a buy rating to a hold rating in a research note on Friday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $362.33.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 650 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $322.96, for a total transaction of $209,924.00. Following the sale, the chief executive officer now owns 83,884 shares in the company, valued at $27,091,176.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Karla R. Lewis sold 42,346 shares of the firm’s 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 transaction, the chief executive officer now owns 84,534 shares in the company, valued at $26,963,809.98. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the transaction, the chief executive officer now owns 83,884 shares in the company, valued at approximately $27,091,176.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 85,996 shares of company stock worth $27,603,878. 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.