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 Price Performance

Shares of RS stock opened at $304.05 on Friday. The stock has a 50 day moving average of $291.43 and a two-hundred day moving average of $302.61. The company has a current ratio of 5.02, a quick ratio of 3.21 and a debt-to-equity ratio of 0.15. Reliance has a 12 month low of $237.14 and a 12 month high of $342.20. The company has a market capitalization of $17.46 billion, a P/E ratio of 14.20 and a beta of 0.86.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. Reliance’s revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $6.49 EPS. As a group, equities analysts expect that Reliance will post 18.63 EPS for the current year.

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend 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 20.55%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the completion of the sale, the chief operating officer now directly owns 7,552 shares in the company, valued at $2,230,709.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $294.36, for a total transaction of $1,471,800.00. Following the completion of the transaction, the director now directly owns 34,042 shares in the company, valued at $10,020,603.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the transaction, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,421 shares of company stock worth $11,866,855. Company 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.