Reliance, Inc. Expected to Earn Q2 2024 Earnings of $4.75 Per Share (NYSE:RS)

Reliance, Inc. (NYSE:RS) – Analysts at Seaport Res Ptn boosted their Q2 2024 earnings per share (EPS) estimates for Reliance in a report issued on Thursday, April 25th. Seaport Res Ptn analyst M. Englert now anticipates that the industrial products company will post earnings of $4.75 per share for the quarter, up from their previous forecast of $4.71. The consensus estimate for Reliance’s current full-year earnings is $19.60 per share. Seaport Res Ptn also issued estimates for Reliance’s FY2024 earnings at $18.75 EPS and Q1 2025 earnings at $4.61 EPS.

Several other research firms have also commented on RS. KeyCorp upped their target price on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th. StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a report on Friday. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and upped their target price for the company from $280.00 to $380.00 in a report on Thursday, April 11th. Finally, BMO Capital Markets lowered their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday.

Reliance Stock Down 0.5 %

Shares of Reliance stock opened at $290.62 on Monday. The company has a quick ratio of 3.23, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The firm has a market cap of $16.69 billion, a P/E ratio of 13.57, a P/E/G ratio of 5.12 and a beta of 0.87. Reliance has a fifty-two week low of $229.12 and a fifty-two week high of $342.20. The business has a 50-day moving average price of $324.16 and a 200 day moving average price of $291.99.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21). The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.37 earnings per share.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 42,346 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at $26,963,809.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Karla R. Lewis sold 42,346 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at $26,963,809.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the transaction, the chief financial officer now owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 85,996 shares of company stock worth $27,603,878. Company insiders own 0.69% of the company’s stock.

Institutional Investors Weigh In On Reliance

Institutional investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC lifted its position in Reliance by 378.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 5,919 shares of the industrial products company’s stock worth $1,655,000 after purchasing an additional 4,682 shares during the period. United Capital Management of KS Inc. lifted its position 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 worth $6,993,000 after purchasing an additional 219 shares during the period. Vest Financial LLC lifted its position in Reliance by 35.2% in the fourth quarter. Vest Financial LLC now owns 47,759 shares of the industrial products company’s stock worth $13,357,000 after purchasing an additional 12,423 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Reliance by 15.9% during the 3rd 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 stake in shares of Reliance during the 3rd quarter worth $8,173,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

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.