Reliance (NYSE:RS) Releases Q2 2024 Earnings Guidance

Reliance (NYSE:RS) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 4.700-4.900 for the period, compared to the consensus estimate of 5.350. The company issued revenue guidance of -. Reliance also updated its Q2 guidance to $4.70 to $4.90 EPS.

Reliance Price Performance

Shares of RS stock traded down $1.51 on Friday, reaching $290.62. The company had a trading volume of 452,795 shares, compared to its average volume of 248,402. The business’s 50-day moving average is $324.88 and its 200 day moving average is $291.41. Reliance has a one year low of $229.12 and a one year high of $342.20. The company has a quick ratio of 3.23, a current ratio of 5.66 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $16.69 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 5.52 and a beta of 0.87.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 9.02% and a return on equity of 17.53%. The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period in the prior year, the company earned $6.37 EPS. The business’s quarterly revenue was down 8.1% compared to the same quarter last year. Equities research analysts forecast that Reliance will post 19.51 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Thursday, May 23rd. Reliance’s dividend payout ratio is currently 19.46%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RS. Citigroup downgraded shares of Reliance from a buy rating to a neutral rating and lifted their price target for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. BMO Capital Markets cut their price objective on shares of Reliance from $355.00 to $345.00 and set an outperform rating on the stock in a report on Friday. Finally, KeyCorp lifted their price objective on shares of Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a report on Friday, February 16th. Two 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 a consensus price target of $362.33.

Insider Activity

In other news, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the sale, the chief financial officer now directly owns 15,577 shares in the company, valued at $5,030,592.15. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the transaction, the chief financial officer now owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Karla R. Lewis sold 650 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the transaction, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The disclosure for this sale can be found here. Insiders have sold a total of 85,996 shares of company stock worth $27,603,878 over the last ninety days. Company insiders own 0.69% of the company’s stock.

About Reliance

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.