Reliance (NYSE:RS) Updates Q2 2024 Earnings Guidance

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RS. BMO Capital Markets increased their target price on shares of Reliance from $295.00 to $355.00 and gave the stock an outperform rating in a research report on Tuesday, February 20th. KeyCorp increased their target price on shares of Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a research report on Friday, February 16th. Finally, Citigroup cut Reliance from a buy rating to a neutral rating and upped their price target for the stock from $280.00 to $380.00 in a report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $365.67.

Reliance Stock Down 0.1 %

NYSE RS opened at $313.49 on Thursday. The stock has a market cap of $18.00 billion, a PE ratio of 13.87, a P/E/G ratio of 5.53 and a beta of 0.87. 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 business has a 50 day moving average price of $325.31 and a two-hundred day moving average price of $291.25. Reliance has a fifty-two week low of $229.12 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last released its earnings results on Thursday, February 15th. The industrial products company reported $4.73 EPS for the quarter, beating the consensus estimate of $3.92 by $0.81. The company had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The business’s revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $5.87 EPS. As a group, sell-side analysts predict that Reliance will post 19.51 EPS for the current fiscal year.

Reliance Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a dividend of $1.10 per share. This is a boost from Reliance’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend was Thursday, March 7th. Reliance’s dividend payout ratio is 19.46%.

Insider Activity

In other news, CEO Karla R. Lewis sold 650 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $322.96, for a total transaction of $209,924.00. Following the completion of the transaction, the chief executive officer now directly owns 83,884 shares in the company, valued at approximately $27,091,176.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction that occurred on 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 directly owns 83,884 shares in the company, valued at $27,091,176.64. The disclosure for this sale can be found here. In the last three months, insiders sold 85,996 shares of company stock worth $27,603,878. 0.69% of the stock is currently 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.