Reliance (NYSE:RS) Releases Quarterly Earnings Results, Misses Estimates By $0.08 EPS

Reliance (NYSE:RS) released its quarterly earnings data on Thursday. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08), Briefing.com reports. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the prior year, the firm posted $6.49 EPS. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. Reliance updated its Q3 guidance to $3.60-3.80 EPS and its Q3 2024 guidance to 3.600-3.800 EPS.

Reliance Stock Performance

RS stock traded down $4.10 on Friday, hitting $304.05. The company had a trading volume of 446,972 shares, compared to its average volume of 312,086. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The stock’s 50-day simple moving average is $291.32 and its 200 day simple moving average is $302.30. The stock has a market cap of $17.46 billion, a price-to-earnings ratio of 14.20 and a beta of 0.86.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend is Friday, August 16th. Reliance’s dividend payout ratio is currently 20.55%.

Wall Street Analyst Weigh In

RS has been the topic of a number of research analyst reports. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a research report on Friday. BMO Capital Markets dropped their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. KeyCorp dropped their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. Finally, Citigroup cut Reliance from a “buy” rating to a “neutral” rating and upped their price objective for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $329.40.

Insider Buying and Selling

In related news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00. Following the sale, the director now owns 49,042 shares in the company, valued at $14,212,862.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the transaction, the director now owns 49,042 shares in the company, valued at approximately $14,212,862.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction on Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the transaction, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,421 shares of company stock worth $11,866,855. 0.69% of the stock is owned by 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.