FY2024 EPS Estimates for Reliance Cut by Seaport Res Ptn

Reliance, Inc. (NYSE:RS) – Equities research analysts at Seaport Res Ptn dropped their FY2024 earnings per share estimates for shares of Reliance in a research note issued on Tuesday, January 21st. Seaport Res Ptn analyst M. Englert now forecasts that the industrial products company will post earnings of $16.29 per share for the year, down from their previous forecast of $16.43. The consensus estimate for Reliance’s current full-year earnings is $16.42 per share. Seaport Res Ptn also issued estimates for Reliance’s Q4 2024 earnings at $2.70 EPS and FY2025 earnings at $14.62 EPS.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the company earned $5.00 EPS. The company’s quarterly revenue was down 5.6% compared to the same quarter last year.

Other research analysts also recently issued reports about the stock. The Goldman Sachs Group initiated coverage on shares of Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target on the stock. BMO Capital Markets decreased their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. KeyCorp dropped their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Finally, Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Reliance presently has an average rating of “Hold” and an average price target of $328.83.

Reliance Stock Performance

Reliance stock opened at $290.49 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. Reliance has a 12 month low of $256.98 and a 12 month high of $342.20. The company has a fifty day moving average price of $291.64 and a two-hundred day moving average price of $290.16. The company has a market cap of $15.72 billion, a PE ratio of 15.95 and a beta of 0.91.

Insiders Place Their Bets

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Karla R. Lewis sold 3,892 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the transaction, the chief executive officer now owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is owned by company insiders.

Institutional Trading of Reliance

Several institutional investors have recently modified their holdings of RS. Quarry LP acquired a new stake in Reliance in the 3rd quarter valued at about $41,000. Versant Capital Management Inc lifted its stake in Reliance by 157.8% during the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 131 shares during the last quarter. UMB Bank n.a. boosted its holdings in Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after buying an additional 53 shares in the last quarter. Brooklyn Investment Group acquired a new position in Reliance in the third quarter worth approximately $78,000. Finally, Abound Wealth Management increased its holdings in shares of Reliance by 35,700.0% in the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after buying an additional 357 shares in the last quarter. Institutional investors and hedge funds own 79.26% 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.