Reliance (NYSE:RS) Issues Q3 Earnings Guidance

Reliance (NYSE:RS) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $3.60-3.80 for the period, compared to the consensus EPS estimate of $4.44. Reliance also updated its Q3 2024 guidance to 3.600-3.800 EPS.

Analyst Ratings Changes

RS has been the subject of several research reports. BMO Capital Markets lowered their price objective on shares of Reliance from $355.00 to $345.00 and set an outperform rating for the company in a research note on Friday, April 26th. StockNews.com downgraded shares of Reliance from a buy rating to a hold rating in a research note on Wednesday, May 15th. Citigroup downgraded shares of Reliance from a buy rating to a neutral rating and lifted their price objective for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. Bank of America lowered their price objective on shares of Reliance from $340.00 to $335.00 and set a neutral rating for the company in a research note on Wednesday, June 26th. Finally, KeyCorp lowered their price objective on shares of Reliance from $341.00 to $325.00 and set an overweight rating for the company in a research note on Wednesday, July 3rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Reliance has an average rating of Hold and an average price target of $346.25.

Reliance Stock Performance

RS traded up $14.74 on Thursday, reaching $308.56. The stock had a trading volume of 832,018 shares, compared to its average volume of 311,094. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The business’s 50-day moving average price is $291.32 and its two-hundred day moving average price is $302.30. The company has a market cap of $17.72 billion, a P/E ratio of 14.41 and a beta of 0.86.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.76 billion. During the same period in the previous year, the firm posted $6.37 EPS. The firm’s quarterly revenue was down 8.1% on a year-over-year basis. Sell-side analysts forecast that Reliance will post 18.63 earnings per share for the current year.

Insider Transactions at Reliance

In other news, COO Stephen Paul Koch sold 20,421 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the completion of the sale, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $294.36, for a total transaction of $1,471,800.00. Following the completion of the sale, the director now owns 34,042 shares of the company’s stock, valued at approximately $10,020,603.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the sale, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Insiders sold 40,421 shares of company stock valued at $11,866,855 over the last 90 days. Corporate 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.