Reliance (NYSE:RS) Issues Q2 Earnings Guidance

Reliance (NYSE:RS) issued an update on its second quarter earnings guidance on Thursday morning. 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.

Reliance Stock Down 0.6 %

NYSE RS traded down $1.71 during trading hours on Friday, reaching $290.42. 488,495 shares of the company traded hands, compared to its average volume of 248,402. Reliance has a 12 month low of $229.12 and a 12 month 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 stock has a market capitalization of $16.68 billion, a PE ratio of 12.85, a PEG ratio of 5.52 and a beta of 0.87. The company has a 50 day moving average of $324.88 and a two-hundred day moving average of $291.41.

Reliance (NYSE:RS) last posted its quarterly earnings results 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 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 the consensus estimate of $3.76 billion. During the same quarter in the previous year, the business posted $6.37 earnings per share. The company’s quarterly revenue was down 8.1% compared to the same quarter last year. As a group, equities analysts expect that Reliance will post 19.51 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be given a $1.10 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $4.40 annualized dividend and a yield of 1.52%. Reliance’s dividend payout ratio is presently 19.46%.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the sale, 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 filing with the SEC, which is accessible 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 shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now directly owns 83,884 shares in the company, valued at $27,091,176.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the sale, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 85,996 shares of company stock worth $27,603,878. 0.69% of the stock is owned by company insiders.

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.