Reliance (NYSE:RS) Releases Q3 2024 Earnings Guidance

Reliance (NYSE:RS) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 3.600-3.800 for the period, compared to the consensus earnings per share 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

RS has been the subject of several research reports. Bank of America dropped their target price 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. KeyCorp cut their price objective on Reliance from $341.00 to $325.00 and set an overweight rating on the stock in a report on Wednesday, July 3rd. BMO Capital Markets decreased their target price on Reliance from $355.00 to $345.00 and set an outperform rating on the stock in a research note on Friday, April 26th. Citigroup downgraded Reliance from a buy rating to a neutral rating and lifted their target price for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, StockNews.com cut shares of Reliance from a buy rating to a hold rating in a research report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $329.40.

Reliance Stock Performance

NYSE RS traded down $4.10 on Friday, reaching $304.05. The stock had a trading volume of 446,972 shares, compared to its average volume of 312,086. The stock has a market cap of $17.46 billion, a P/E ratio of 14.20 and a beta of 0.86. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20. The business’s 50-day moving average price is $291.32 and its 200 day moving average price is $302.30. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08). The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. Reliance’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $6.49 EPS. As a group, equities analysts expect that Reliance will post 18.63 earnings per share for the current year.

Reliance Dividend Announcement

The business 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. The ex-dividend date is Friday, August 16th. This represents a $4.40 annualized dividend and a yield of 1.45%. Reliance’s payout ratio is currently 20.55%.

Insider Transactions at Reliance

In other Reliance 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 transaction of $1,450,200.00. Following the completion of the transaction, the director now directly owns 44,042 shares in the company, valued at approximately $12,773,941.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related 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 value 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $290.04, for a total transaction of $1,450,200.00. Following the completion of the transaction, the director now owns 44,042 shares in the company, valued at approximately $12,773,941.68. The disclosure for this sale can be found here. Insiders have sold 40,421 shares of company stock valued at $11,866,855 in the last quarter. 0.69% of the stock is currently owned by corporate 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.