Reliance (NYSE:RS) Updates Q3 2024 Earnings Guidance

Reliance (NYSE:RS) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 3.600-3.800 for the period, compared to the consensus earnings per share estimate of 4.510. The company issued revenue guidance of -. Reliance also updated its Q3 guidance to $3.60-3.80 EPS.

Reliance Stock Performance

RS traded up $14.74 on Thursday, hitting $308.56. The company had a trading volume of 832,018 shares, compared to its average volume of 311,094. The company’s fifty day moving average price is $291.32 and its 200 day moving average price is $302.30. Reliance has a 1-year low of $237.14 and a 1-year high of $342.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.21. The stock has a market cap of $17.72 billion, a price-to-earnings ratio of 14.41 and a beta of 0.86.

Reliance (NYSE:RS) last posted its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21). 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 last year, the firm posted $6.37 earnings per share. The firm’s revenue for the quarter was down 8.1% compared to the same quarter last year. Equities analysts predict that Reliance will post 18.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RS has been the topic of a number of research reports. KeyCorp lowered 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. Citigroup cut Reliance from a buy rating to a neutral rating and boosted their price objective for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. BMO Capital Markets lowered their price objective on Reliance from $355.00 to $345.00 and set an outperform rating on the stock in a research report on Friday, April 26th. Bank of America lowered their price objective on Reliance from $340.00 to $335.00 and set a neutral rating on the stock in a research report on Wednesday, June 26th. Finally, StockNews.com cut Reliance from a buy rating to a hold rating in a research report on Wednesday, May 15th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Reliance currently has an average rating of Hold and a consensus target price of $346.25.

Insider Transactions at Reliance

In other news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the transaction, the director now owns 49,042 shares of the company’s stock, valued at $14,212,862.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the transaction, the director now owns 49,042 shares of the company’s stock, valued at $14,212,862.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,421 shares of company stock worth $11,866,855. 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.