Reliance (NYSE:RS) Releases Q2 Earnings Guidance

Reliance (NYSE:RS) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.70 to $4.90 for the period, compared to the consensus estimate of $5.34. Reliance also updated its Q2 2024 guidance to 4.700-4.900 EPS.

Reliance Stock Performance

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 price-to-earnings-growth ratio of 5.12 and a beta of 0.87. The company has a current ratio of 5.74, a quick ratio of 3.23 and a debt-to-equity ratio of 0.14. The stock’s 50-day moving average is $324.16 and its 200-day moving average is $291.60. Reliance has a 1-year low of $229.12 and a 1-year 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 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 the consensus estimate of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter last year, the firm posted $6.37 earnings per share. Equities research analysts anticipate that Reliance will post 19.6 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid 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 dividend payout ratio is currently 20.55%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Reliance 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 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 document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Karla R. Lewis sold 42,346 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at approximately $26,963,809.98. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Arthur Ajemyan sold 3,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the completion of the transaction, the chief financial officer now owns 15,577 shares in the company, valued at $5,030,592.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,996 shares of company stock worth $27,603,878. 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.