Reliance (NYSE:RS – Get Free Report) released its quarterly earnings results on Thursday. The industrial products company reported $4.65 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08), Briefing.com reports. The business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm’s revenue was down 6.1% on a year-over-year basis. During the same quarter last year, the company earned $6.49 earnings per share. Reliance updated its Q3 guidance to $3.60-3.80 EPS and its Q3 2024 guidance to 3.600-3.800 EPS.
Reliance Price Performance
NYSE:RS opened at $304.05 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.21 and a current ratio of 5.02. The stock’s 50-day simple moving average is $291.43 and its 200 day simple moving average is $302.61. The company has a market cap of $17.46 billion, a P/E ratio of 14.20 and a beta of 0.86. Reliance has a 52-week low of $237.14 and a 52-week high of $342.20.
Reliance Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Friday, August 16th. Reliance’s dividend payout ratio is currently 20.55%.
Insider Activity at Reliance
Analysts Set New Price Targets
A number of brokerages have commented on RS. KeyCorp decreased their price objective on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. Bank of America reduced their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. BMO Capital Markets reduced their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Finally, Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $280.00 to $380.00 in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Reliance presently has an average rating of “Hold” and an average target price of $329.40.
Read Our Latest Research Report on RS
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.
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