Reliance (NYSE:RS) Releases Earnings Results, Misses Estimates By $0.21 EPS

Reliance (NYSE:RS) posted its quarterly earnings results on Thursday. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21), Briefing.com reports. The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. The company’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period last year, the firm posted $6.37 earnings per share. Reliance updated its Q2 2024 guidance to 4.700-4.900 EPS and its Q2 guidance to $4.70 to $4.90 EPS.

Reliance Stock Down 0.6 %

Shares of RS stock opened at $290.42 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.23 and a current ratio of 5.74. The stock has a market cap of $16.68 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 5.15 and a beta of 0.87. The business’s fifty day moving average is $324.88 and its 200-day moving average is $291.41. Reliance has a 1 year low of $229.12 and a 1 year high of $342.20.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.52%. Reliance’s dividend payout ratio is presently 20.55%.

Analyst Ratings Changes

A number of brokerages have commented on RS. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research note on Friday. BMO Capital Markets reduced their price objective on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and increased their target price for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, KeyCorp boosted their price target on shares of Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $362.33.

Insider Activity

In other news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction that occurred 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 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 the SEC website. In related news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the transaction, the chief financial officer now directly owns 15,577 shares in the company, valued at approximately $5,030,592.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Karla R. Lewis sold 650 shares of the company’s 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 sale, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock worth $27,603,878 over the last 90 days. 0.69% of the stock is currently 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.