Reliance (NYSE:RS) Updates Q2 Earnings Guidance

Reliance (NYSE:RS) issued an update on its second quarter earnings guidance on Thursday morning. The company provided EPS guidance of $4.70 to $4.90 for the period, compared to the consensus EPS estimate of $5.34. Reliance also updated its Q2 2024 guidance to 4.700-4.900 EPS.

Reliance Price Performance

NYSE:RS opened at $313.49 on Thursday. The firm has a market capitalization of $18.00 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 5.53 and a beta of 0.87. Reliance has a 1 year low of $229.12 and a 1 year high of $342.20. The business has a 50 day simple moving average of $325.31 and a 200-day simple moving average of $291.25. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.66 and a quick ratio of 3.23.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.48 by ($0.18). The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a net margin of 9.02% and a return on equity of 17.53%. Reliance’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same period in the previous year, the business earned $6.37 earnings per share. Equities analysts forecast that Reliance will post 19.51 EPS for the current year.

Reliance Increases Dividend

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

Wall Street Analysts Forecast Growth

RS has been the subject of several analyst reports. Citigroup lowered Reliance from a buy rating to a neutral rating and raised their price objective for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. BMO Capital Markets raised their price target on Reliance from $295.00 to $355.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. Finally, KeyCorp raised their price target on Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a research note on Friday, February 16th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $365.67.

Insider Buying and Selling

In related news, CFO Arthur Ajemyan sold 3,000 shares of the firm’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 transaction of $968,850.00. Following the completion of the sale, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of the firm’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 transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at approximately $26,963,809.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Arthur Ajemyan sold 3,000 shares of the firm’s stock in a transaction 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 in the company, valued at $5,030,592.15. The disclosure for this sale can be found here. In the last three months, insiders sold 85,996 shares of company stock valued at $27,603,878. Insiders own 0.69% of the company’s stock.

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.