Seaport Res Ptn Analysts Lift Earnings Estimates for Reliance, Inc. (NYSE:RS)

Reliance, Inc. (NYSE:RS) – Equities researchers at Seaport Res Ptn lifted their Q2 2024 earnings per share estimates for shares of Reliance in a report issued on Thursday, April 25th. Seaport Res Ptn analyst M. Englert now expects that the industrial products company will earn $4.75 per share for the quarter, up from their prior estimate of $4.71. The consensus estimate for Reliance’s current full-year earnings is $19.60 per share. Seaport Res Ptn also issued estimates for Reliance’s FY2024 earnings at $18.75 EPS and Q1 2025 earnings at $4.61 EPS.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. 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 company posted $6.37 earnings per share. The company’s quarterly revenue was down 8.1% compared to the same quarter last year.

A number of other research analysts have also commented on RS. BMO Capital Markets reduced their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday. KeyCorp upped 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. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a research report on Friday.

Reliance Stock Performance

NYSE RS opened at $293.93 on Monday. The company’s 50 day simple moving average is $324.16 and its two-hundred day simple moving average is $291.99. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.21. Reliance has a 1 year low of $229.12 and a 1 year high of $342.20. The stock has a market capitalization of $16.88 billion, a PE ratio of 13.73, a P/E/G ratio of 5.09 and a beta of 0.87.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a dividend of $1.10 per share. The ex-dividend date is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a yield of 1.50%. Reliance’s payout ratio is 20.55%.

Insiders Place Their Bets

In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the company’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 value of $968,850.00. Following the completion of the sale, the chief financial officer now owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction on Wednesday, March 6th. The shares were 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 approximately $5,030,592.15. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total transaction of $209,924.00. Following the sale, the chief executive officer now owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock valued at $27,603,878 over the last 90 days. Insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Reliance

Several institutional investors and hedge funds have recently bought and sold shares of RS. Wellington Management Group LLP grew its stake in shares of Reliance by 2.3% in the fourth quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock worth $342,405,000 after purchasing an additional 27,074 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Reliance by 7.9% during the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after buying an additional 64,895 shares during the period. Invesco Ltd. raised its holdings in shares of Reliance by 35.4% during the third quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock valued at $189,790,000 after acquiring an additional 189,326 shares in the last quarter. Northern Trust Corp lifted its stake in Reliance by 6.0% in the third quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock worth $177,215,000 after acquiring an additional 37,971 shares during the period. Finally, Norges Bank bought a new stake in Reliance in the fourth quarter valued at $186,693,000. 79.26% of the stock is currently owned by institutional investors.

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.