Reliance (NYSE:RS) Issues Q3 Earnings Guidance

Reliance (NYSE:RS) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of $3.60-3.80 for the period, compared to the consensus EPS estimate of $4.44. Reliance also updated its Q3 2024 guidance to 3.600-3.800 EPS.

Reliance Stock Down 1.3 %

Shares of NYSE RS traded down $4.10 during mid-day trading on Friday, reaching $304.05. The company had a trading volume of 452,751 shares, compared to its average volume of 395,477. The stock has a market capitalization of $17.46 billion, a PE ratio of 14.20 and a beta of 0.86. Reliance has a twelve month low of $237.14 and a twelve month high of $342.20. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.21 and a current ratio of 5.02. The stock’s 50 day moving average is $291.32 and its 200-day moving average is $302.30.

Reliance (NYSE:RS) last issued its earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.08). The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $6.49 earnings per share. As a group, equities analysts anticipate that Reliance will post 18.63 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.45%. The ex-dividend date is Friday, August 16th. Reliance’s payout ratio is 20.55%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. KeyCorp decreased their price target on Reliance from $341.00 to $325.00 and set an overweight rating for the company in a research note on Wednesday, July 3rd. Wolfe Research cut Reliance from a peer perform rating to an underperform rating and set a $262.00 target price for the company. in a research report on Friday. Citigroup lowered shares of Reliance from a buy rating to a neutral rating and lifted their price target for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. StockNews.com downgraded shares of Reliance from a buy rating to a hold rating in a report on Wednesday, May 15th. Finally, Bank of America dropped their target price on shares of Reliance from $340.00 to $335.00 and set a neutral rating on the stock in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $329.40.

Insiders Place Their Bets

In other news, Director James Donald Hoffman sold 5,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the completion of the sale, the director now directly owns 49,042 shares of the company’s stock, valued at $14,212,862.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the sale, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00. Following the completion of the transaction, the director now directly owns 49,042 shares of the company’s stock, valued at approximately $14,212,862.02. The disclosure for this sale can be found here. Insiders have sold a total of 40,421 shares of company stock valued at $11,866,855 in the last three months. Company 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.