Reliance (NYSE:RS) Announces Quarterly 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 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21), Briefing.com reports. The business had revenue of $3.64 billion for 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 firm’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period in the previous 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 Performance

Shares of NYSE RS opened at $290.62 on Friday. The company has a market capitalization of $16.69 billion, a P/E ratio of 13.57, a price-to-earnings-growth ratio of 5.12 and a beta of 0.87. The business’s 50-day moving average price is $324.16 and its two-hundred day moving average price is $291.60. Reliance has a one year low of $229.12 and a one year high of $342.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.23.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be paid a $1.10 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

Analyst Ratings Changes

Several research analysts recently weighed in on RS shares. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and upped their price target for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research note on Friday. KeyCorp boosted their target price on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Finally, BMO Capital Markets lowered their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research note 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, the company presently has an average rating of “Hold” and an average target price of $362.33.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was 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 owns 84,534 shares in the company, valued at approximately $26,963,809.98. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 completion of the sale, the chief financial officer now owns 15,577 shares in the company, valued at approximately $5,030,592.15. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of the company’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 sale, the chief executive officer now owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,996 shares of company stock worth $27,603,878. 0.69% of the stock is owned by corporate 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.