Q1 2024 EPS Estimates for Reliance, Inc. (NYSE:RS) Boosted by Zacks Research

Reliance, Inc. (NYSE:RS) – Stock analysts at Zacks Research lifted their Q1 2024 earnings estimates for Reliance in a research report issued to clients and investors on Monday, April 22nd. Zacks Research analyst A. Barman now anticipates that the industrial products company will earn $5.47 per share for the quarter, up from their prior estimate 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.

Reliance (NYSE:RS) last posted its quarterly earnings results 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 net margin of 9.02% and a return on equity of 17.53%. The firm had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.31 billion. During the same quarter in the prior year, the business posted $5.87 earnings per share. The company’s quarterly revenue was down 7.6% compared to the same quarter last year.

Several other research firms have also issued reports on RS. BMO Capital Markets increased their price target 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 price target 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 lowered shares of Reliance from a “buy” rating to a “neutral” rating and increased their price target for the stock from $280.00 to $380.00 in a research 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’s stock. According to data from MarketBeat.com, Reliance presently has a consensus rating of “Moderate Buy” and an average target price of $365.67.

Reliance Stock Performance

NYSE:RS opened at $314.00 on Tuesday. Reliance has a 12-month low of $229.12 and a 12-month high of $342.20. 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 firm has a market capitalization of $18.03 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 5.63 and a beta of 0.87. The firm has a 50-day moving average price of $324.81 and a 200 day moving average price of $290.87.

Reliance Increases Dividend

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

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total transaction of $209,924.00. Following the sale, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Karla R. Lewis sold 42,346 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were 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 $26,963,809.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Karla R. Lewis sold 650 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $322.96, for a total transaction 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. Over the last ninety days, insiders have sold 85,996 shares of company stock valued at $27,603,878. 0.69% of the stock is currently owned by insiders.

Institutional Trading of Reliance

Hedge funds have recently modified their holdings of the stock. Sequoia Financial Advisors LLC grew its stake in shares of Reliance by 378.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,919 shares of the industrial products company’s stock valued at $1,655,000 after purchasing an additional 4,682 shares during the last quarter. United Capital Management of KS Inc. boosted its stake in Reliance by 0.8% in the third quarter. United Capital Management of KS Inc. now owns 26,668 shares of the industrial products company’s stock valued at $6,993,000 after acquiring an additional 219 shares during the last quarter. Vest Financial LLC boosted its stake in Reliance by 35.2% in the fourth quarter. Vest Financial LLC now owns 47,759 shares of the industrial products company’s stock valued at $13,357,000 after acquiring an additional 12,423 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Reliance by 15.9% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 210,218 shares of the industrial products company’s stock valued at $55,125,000 after acquiring an additional 28,889 shares during the last quarter. Finally, Comerica Bank bought a new position in Reliance in the third quarter valued at approximately $8,173,000. 79.26% of the stock is owned by institutional investors.

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.