Reliance (NYSE:RS) Issues Q4 Earnings Guidance

Reliance (NYSE:RS) updated its fourth quarter earnings guidance on Thursday. The company provided EPS guidance of $2.65 to $2.85 for the period, compared to the consensus EPS estimate of $3.40. Reliance also updated its Q4 2024 guidance to 2.650-2.850 EPS.

Reliance Stock Down 1.6 %

Shares of Reliance stock opened at $282.63 on Thursday. The stock has a market capitalization of $15.55 billion, a P/E ratio of 14.43 and a beta of 0.85. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $283.40 and a two-hundred day moving average price of $291.54. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20.

Reliance (NYSE:RS) last announced its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company earned $5.00 EPS. Equities analysts expect that Reliance will post 17.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

RS has been the subject of a number of recent analyst reports. KeyCorp decreased their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Bank of America reduced their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $329.40.

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.