Reliance (NYSE:RS) Issues Q2 Earnings Guidance

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

Reliance Stock Down 0.6 %

Shares of RS traded down $1.71 during mid-day trading on Friday, hitting $290.42. The company’s stock had a trading volume of 488,495 shares, compared to its average volume of 248,402. The company has a current ratio of 5.66, a quick ratio of 3.23 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $16.68 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 5.52 and a beta of 0.87. The company’s 50-day moving average is $324.88 and its 200-day moving average is $291.41. Reliance has a 52-week low of $229.12 and a 52-week high of $342.20.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). The firm had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The business’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period last year, the company posted $6.37 earnings per share. On average, equities research analysts forecast that Reliance will post 19.51 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s payout ratio is currently 19.46%.

Wall Street Analyst Weigh In

RS has been the subject of several recent research reports. KeyCorp raised their price objective on shares of Reliance from $300.00 to $362.00 and gave the company an overweight rating in a research note on Friday, February 16th. Citigroup downgraded shares of Reliance from a buy rating to a neutral rating and lifted their price target for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. Finally, BMO Capital Markets decreased their price target on shares of Reliance from $355.00 to $345.00 and set an outperform rating for the company in a research note on Friday. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $362.33.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction on Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the transaction, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Karla R. Lewis sold 650 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the transaction, the chief executive officer now owns 83,884 shares in the company, valued at approximately $27,091,176.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Arthur Ajemyan sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total transaction of $968,850.00. Following the transaction, the chief financial officer now owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,996 shares of company stock worth $27,603,878. 0.69% of the stock is currently owned by 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.