Reliance (NYSE:RS) Releases Q3 2024 Earnings Guidance

Reliance (NYSE:RS) updated its third quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 3.600-3.800 for the period, compared to the consensus EPS estimate of 4.510. The company issued revenue guidance of -. Reliance also updated its Q3 guidance to $3.60-3.80 EPS.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Citigroup downgraded 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 report on Thursday, April 11th. Wolfe Research downgraded Reliance from a peer perform rating to an underperform rating and set a $262.00 target price on the stock. in a research report on Friday. 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 report on Friday, April 26th. StockNews.com lowered shares of Reliance from a buy rating to a hold rating in a report on Wednesday, May 15th. Finally, KeyCorp dropped their price target on shares of Reliance from $341.00 to $325.00 and set an overweight rating for the company in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average target price of $329.40.

Reliance Stock Down 1.3 %

Reliance stock traded down $4.10 during trading on Friday, reaching $304.05. The stock had a trading volume of 452,751 shares, compared to its average volume of 395,477. Reliance has a 52-week low of $237.14 and a 52-week high of $342.20. The business has a 50 day moving average price of $291.32 and a 200 day moving average price of $302.30. The company has a quick ratio of 3.21, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The stock has a market cap of $17.46 billion, a PE ratio of 14.20 and a beta of 0.86.

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

Reliance Announces Dividend

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

Insider Activity

In other news, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the completion of the sale, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $290.04, for a total value of $1,450,200.00. Following the completion of the sale, the director now owns 44,042 shares in the company, valued at $12,773,941.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,421 shares of company stock valued at $11,866,855. 0.69% of the stock is currently 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.