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 0.1 %

Shares of NYSE:RS opened at $313.49 on Thursday. The company has a market capitalization of $18.00 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 5.53 and a beta of 0.87. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.66 and a quick ratio of 3.23. The business has a fifty day moving average price of $325.31 and a two-hundred day moving average price of $291.25. Reliance has a 1 year low of $229.12 and a 1 year high of $342.20.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.48 by ($0.18). The business had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a net margin of 9.02% and a return on equity of 17.53%. The firm’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same quarter last year, the company earned $6.37 EPS. Analysts forecast that Reliance will post 19.51 earnings per share for the current year.

Reliance Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a dividend of $1.10 per share. This is an increase from Reliance’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, March 7th. This represents a $4.40 annualized dividend and a dividend yield of 1.40%. Reliance’s dividend payout ratio is presently 19.46%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RS shares. Citigroup downgraded 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 note on Thursday, April 11th. BMO Capital Markets increased their price target on Reliance from $295.00 to $355.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. Finally, KeyCorp increased their price target on Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a research note on Friday, February 16th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Reliance presently has a consensus rating of Moderate Buy and an average price target of $365.67.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the completion of the transaction, the chief executive officer now owns 84,534 shares in the company, valued at approximately $26,963,809.98. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Reliance news, Director James Donald Hoffman sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total value of $12,918,000.00. Following the sale, the director now owns 54,042 shares of the company’s stock, valued at approximately $17,452,863.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total value of $13,507,103.62. Following the completion of the sale, the chief executive officer now directly owns 84,534 shares in the company, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock worth $27,603,878 in the last quarter. 0.69% of the stock is owned by company 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.