Reliance (NYSE:RS) Releases Q3 Earnings Guidance

Reliance (NYSE:RS) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $3.60-3.80 for the period, compared to the consensus estimate of $4.44. Reliance also updated its Q3 2024 guidance to 3.600-3.800 EPS.

Reliance Price Performance

Shares of NYSE RS opened at $304.05 on Friday. The firm has a market cap of $17.46 billion, a PE ratio of 14.20 and a beta of 0.86. The firm has a fifty day moving average of $291.43 and a 200 day moving average of $302.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.21 and a current ratio of 5.02. Reliance has a one year low of $237.14 and a one year high of $342.20.

Reliance (NYSE:RS) last issued 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 during the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted $6.49 EPS. As a group, research analysts predict that Reliance will post 18.63 EPS for the current fiscal year.

Reliance Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have commented on RS shares. Bank of America decreased their target price on shares of Reliance from $340.00 to $335.00 and set a neutral rating on the stock in a research report on Wednesday, June 26th. Citigroup cut shares of Reliance from a buy rating to a neutral rating and increased their price target for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. BMO Capital Markets cut their target price on shares of Reliance from $355.00 to $345.00 and set an outperform rating on the stock in a research note on Friday, April 26th. KeyCorp cut their target price on shares of Reliance from $341.00 to $325.00 and set an overweight rating on the stock in a research note on Wednesday, July 3rd. Finally, StockNews.com lowered shares of 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 given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $329.40.

Insider Transactions at Reliance

In other news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the transaction, the director now directly owns 49,042 shares in the company, valued at $14,212,862.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the firm’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 completion of the sale, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the transaction, the director now directly owns 49,042 shares of the company’s stock, valued at approximately $14,212,862.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,421 shares of company stock worth $11,866,855. 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.