Reliance (NYSE:RS) Updates Q2 2024 Earnings Guidance

Reliance (NYSE:RS) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 4.700-4.900 for the period, compared to the consensus earnings per share estimate of 5.350. The company issued revenue guidance of -.

Reliance Stock Performance

Shares of NYSE RS opened at $313.49 on Thursday. Reliance has a one year low of $229.12 and a one year 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 business has a fifty day simple moving average of $325.31 and a 200 day simple moving average of $291.25. The firm has a market capitalization of $18.00 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 5.53 and a beta of 0.87.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, February 15th. The industrial products company reported $4.73 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.81. The company had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $3.31 billion. Reliance had a net margin of 9.02% and a return on equity of 17.53%. The firm’s revenue for the quarter was down 7.6% compared to the same quarter last year. During the same period last year, the firm earned $5.87 EPS. Sell-side analysts expect that Reliance will post 19.51 EPS for the current year.

Reliance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were issued a dividend of $1.10 per share. This is an increase from Reliance’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, March 7th. This represents a $4.40 annualized dividend and a yield of 1.40%. Reliance’s dividend payout ratio is currently 19.46%.

Analyst Ratings Changes

RS has been the topic of several research reports. KeyCorp upped their price objective on Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a report on Friday, February 16th. BMO Capital Markets upped their price objective on Reliance from $295.00 to $355.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Finally, Citigroup downgraded Reliance from a buy rating to a neutral rating and increased their price target for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $365.67.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 650 shares of the firm’s 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 of the company’s stock, valued at approximately $27,091,176.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the transaction, the chief executive officer now owns 84,534 shares in the company, valued at approximately $26,963,809.98. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Karla R. Lewis sold 650 shares of the 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 of the company’s stock, valued at approximately $27,091,176.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 85,996 shares of company stock valued at $27,603,878. 0.69% of the stock is owned by company insiders.

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.