Zacks Research Weighs in on Reliance, Inc.’s Q1 2024 Earnings (NYSE:RS)

Reliance, Inc. (NYSE:RS) – Equities research analysts at Zacks Research increased their Q1 2024 earnings per share estimates for shares of Reliance in a research note issued on Monday, April 22nd. Zacks Research analyst A. Barman now forecasts that the industrial products company will post earnings of $5.47 per share for the quarter, up from their previous forecast of $5.45. The consensus estimate for Reliance’s current full-year earnings is $19.51 per share. Zacks Research also issued estimates for Reliance’s Q2 2024 earnings at $4.55 EPS, Q3 2024 earnings at $4.50 EPS, Q4 2024 earnings at $3.86 EPS, Q2 2025 earnings at $4.45 EPS, Q3 2025 earnings at $4.70 EPS, Q4 2025 earnings at $3.89 EPS and Q1 2026 earnings at $4.64 EPS.

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

Reliance Price Performance

Shares of NYSE RS opened at $313.49 on Tuesday. Reliance has a twelve month low of $229.12 and a twelve month high of $342.20. The company has a current ratio of 5.66, a quick ratio of 3.23 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $18.00 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 5.63 and a beta of 0.87. The business has a 50 day simple moving average of $325.31 and a 200-day simple moving average of $291.25.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $4.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.81. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The company had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.31 billion. During the same period in the previous year, the business earned $5.87 EPS. Reliance’s revenue for the quarter was down 7.6% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Simplicity Wealth LLC acquired a new stake in shares of Reliance in the first quarter valued at $237,000. BSW Wealth Partners lifted its holdings in shares of Reliance by 5.6% in the first quarter. BSW Wealth Partners now owns 1,328 shares of the industrial products company’s stock valued at $444,000 after buying an additional 71 shares during the period. Louisiana State Employees Retirement System lifted its holdings in shares of Reliance by 2.5% in the first quarter. Louisiana State Employees Retirement System now owns 16,500 shares of the industrial products company’s stock valued at $5,514,000 after buying an additional 400 shares during the period. Rational Advisors LLC lifted its holdings in shares of Reliance by 33.6% in the first quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock valued at $53,000 after buying an additional 40 shares during the period. Finally, Cigna Investments Inc. New acquired a new stake in shares of Reliance in the first quarter valued at $207,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at approximately $26,963,809.98. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Reliance news, CEO Karla R. Lewis sold 650 shares of the business’s stock in a transaction 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 owns 83,884 shares in the company, valued at approximately $27,091,176.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of the business’s stock in a transaction on 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 transaction, 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. Insiders sold a total of 85,996 shares of company stock worth $27,603,878 in the last three months. 0.69% of the stock is owned by insiders.

Reliance Increases Dividend

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

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.