Reliance, Inc. to Post Q1 2024 Earnings of $5.47 Per Share, Zacks Research Forecasts (NYSE:RS)

Reliance, Inc. (NYSE:RS) – Equities researchers at Zacks Research lifted their Q1 2024 EPS estimates for Reliance in a note issued to investors on Monday, April 22nd. Zacks Research analyst A. Barman now forecasts that the industrial products company will post earnings per share of $5.47 for the quarter, up from their previous estimate of $5.45. The consensus estimate for Reliance’s current full-year earnings is $19.51 per share. Zacks Research also issued estimates for Reliance’s Q2 2024 earnings at $4.55 EPS, Q3 2024 earnings at $4.50 EPS, Q4 2024 earnings at $3.86 EPS, Q2 2025 earnings at $4.45 EPS, Q3 2025 earnings at $4.70 EPS, Q4 2025 earnings at $3.89 EPS and Q1 2026 earnings at $4.64 EPS.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, February 15th. The industrial products company reported $4.73 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.81. Reliance had a net margin of 9.02% and a return on equity of 17.53%. The company had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.31 billion. During the same quarter last year, the firm posted $5.87 earnings per share. The company’s quarterly revenue was down 7.6% compared to the same quarter last year.

A number of other equities analysts have also commented on the stock. KeyCorp lifted their price target on shares of Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, BMO Capital Markets boosted their target price on shares of Reliance from $295.00 to $355.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $365.67.

Reliance Trading Up 0.1 %

NYSE:RS opened at $319.76 on Tuesday. Reliance has a 12 month low of $229.12 and a 12 month high of $342.20. The firm has a market cap of $18.36 billion, a price-to-earnings ratio of 14.14, a P/E/G ratio of 5.63 and a beta of 0.87. The company has a quick ratio of 3.23, a current ratio of 5.66 and a debt-to-equity ratio of 0.15. The company’s 50 day moving average is $324.81 and its 200-day moving average is $290.87.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $4.40 dividend on an annualized basis and a yield of 1.38%. This is an increase from Reliance’s previous quarterly dividend of $1.00. Reliance’s payout ratio is currently 19.46%.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the sale, the chief executive officer now owns 84,534 shares in the company, valued at $26,963,809.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the sale, the chief executive officer now owns 84,534 shares in the company, valued at $26,963,809.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Donald Hoffman sold 40,000 shares of Reliance stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the sale, the director now owns 54,042 shares in the company, valued at approximately $17,452,863.90. The disclosure for this sale can be found here. Insiders have sold 85,996 shares of company stock worth $27,603,878 over the last 90 days. Corporate insiders own 0.69% of the company’s stock.

Institutional Investors Weigh In On Reliance

Several institutional investors and hedge funds have recently made changes to their positions in RS. Vontobel Holding Ltd. boosted its stake in shares of Reliance by 16.9% in the 3rd quarter. Vontobel Holding Ltd. now owns 2,086 shares of the industrial products company’s stock valued at $547,000 after purchasing an additional 302 shares in the last quarter. AE Wealth Management LLC acquired a new stake in shares of Reliance in the 3rd quarter valued at $388,000. SG Americas Securities LLC boosted its stake in shares of Reliance by 113.0% in the 3rd quarter. SG Americas Securities LLC now owns 1,706 shares of the industrial products company’s stock valued at $447,000 after purchasing an additional 905 shares in the last quarter. Impact Partnership Wealth LLC boosted its stake in shares of Reliance by 1,158.3% in the 3rd quarter. Impact Partnership Wealth LLC now owns 755 shares of the industrial products company’s stock valued at $198,000 after purchasing an additional 695 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in Reliance by 57.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,072 shares of the industrial products company’s stock worth $806,000 after buying an additional 1,126 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

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.