Reliance (NYSE:RS) Updates Q4 Earnings Guidance

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RS. BMO Capital Markets decreased their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday. KeyCorp decreased their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Finally, Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a report on Friday, July 26th. 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 company’s stock. According to MarketBeat, Reliance has a consensus rating of “Hold” and a consensus price target of $326.40.

Reliance Stock Down 3.5 %

RS stock opened at $283.54 on Friday. The stock has a 50-day simple moving average of $283.64 and a two-hundred day simple moving average of $290.87. Reliance has a twelve month low of $237.14 and a twelve month high of $342.20. The firm has a market capitalization of $15.60 billion, a PE ratio of 14.47 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.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the prior year, the firm posted $5.00 EPS. Reliance’s revenue was down 5.6% on a year-over-year basis. On average, equities analysts predict that Reliance will post 17.16 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.55%. Reliance’s dividend payout ratio (DPR) is presently 22.46%.

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.