Reliance (NYSE:RS) Posts Earnings Results, Misses Expectations By $0.21 EPS

Reliance (NYSE:RS) issued its quarterly earnings data on Thursday. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21), Briefing.com reports. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the company posted $6.37 earnings per share. The business’s revenue was down 8.1% compared to the same quarter last year. Reliance updated its Q2 2024 guidance to 4.700-4.900 EPS and its Q2 guidance to $4.70 to $4.90 EPS.

Reliance Stock Down 0.6 %

RS stock opened at $290.42 on Friday. The company’s 50 day moving average price is $324.88 and its 200 day moving average price is $291.41. The firm has a market capitalization of $16.68 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 5.15 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 company has a debt-to-equity ratio of 0.14, a quick ratio of 3.23 and a current ratio of 5.74.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s payout ratio is presently 20.55%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RS shares. KeyCorp increased their target price on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a research report on Friday. Citigroup lowered shares of 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. Finally, BMO Capital Markets cut their target price on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research note on Friday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Reliance currently has a consensus rating of “Hold” and a consensus price target of $362.33.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 650 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 83,884 shares in the company, valued at $27,091,176.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total transaction of $968,850.00. Following the sale, the chief financial officer now owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The disclosure for this sale can be found here. Insiders sold 85,996 shares of company stock worth $27,603,878 over the last 90 days. 0.69% of the stock is 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.