Reliance (NYSE:RS) Updates Q2 Earnings Guidance

Reliance (NYSE:RS) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $4.70 to $4.90 for the period, compared to the consensus earnings per share estimate of $5.34. Reliance also updated its Q2 2024 guidance to 4.700-4.900 EPS.

Reliance Stock Performance

NYSE RS traded down $1.51 during trading on Friday, reaching $290.62. The company’s stock had a trading volume of 488,495 shares, compared to its average volume of 223,247. 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 firm has a market cap of $16.69 billion, a price-to-earnings ratio of 13.57, a P/E/G ratio of 5.15 and a beta of 0.87. Reliance has a twelve month low of $229.12 and a twelve month high of $342.20. The business’s fifty day moving average price is $324.88 and its 200-day moving average price is $291.41.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the firm posted $6.37 earnings per share. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. As a group, analysts anticipate that Reliance will post 19.51 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders 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 1.51%. Reliance’s dividend payout ratio (DPR) is 20.55%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RS. BMO Capital Markets dropped their price target on shares of Reliance from $355.00 to $345.00 and set an outperform rating on the stock in a research note on Friday. KeyCorp boosted their price target on shares of Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a research note on Friday, February 16th. Citigroup lowered shares of Reliance from a buy rating to a neutral rating and boosted their price target for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. Finally, StockNews.com lowered shares of Reliance from a buy rating to a hold rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $362.33.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at $26,963,809.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Reliance news, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction dated 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 owns 83,884 shares of the company’s stock, valued at $27,091,176.64. 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 42,346 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction 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. Over the last three months, insiders have sold 85,996 shares of company stock worth $27,603,878. 0.69% of the stock is owned by company insiders.

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.