Reliance (NYSE:RS) Announces Earnings Results, Misses Expectations By $0.08 EPS

Reliance (NYSE:RS) posted its earnings results on Thursday. The industrial products company reported $4.65 earnings per share (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 analyst estimates of $3.64 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period last year, the company posted $6.49 EPS. Reliance updated its Q3 guidance to $3.60-3.80 EPS and its Q3 2024 guidance to 3.600-3.800 EPS.

Reliance Stock Performance

RS traded down $4.10 during trading hours on Friday, hitting $304.05. 446,972 shares of the stock were exchanged, compared to its average volume of 312,086. The stock has a 50-day simple moving average of $291.32 and a 200-day simple moving average of $302.30. Reliance has a 12 month low of $237.14 and a 12 month high of $342.20. The stock has a market cap of $17.46 billion, a price-to-earnings ratio of 14.20 and a beta of 0.86. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.45%. The ex-dividend date is Friday, August 16th. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RS shares. Bank of America decreased their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Citigroup cut Reliance from a “buy” rating to a “neutral” rating and upped their price target for the stock from $280.00 to $380.00 in a report on Thursday, April 11th. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a report on Friday. BMO Capital Markets decreased their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Finally, KeyCorp reduced their target price on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Reliance presently has a consensus rating of “Hold” and a consensus price target of $329.40.

Insider Buying and Selling

In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the stock in a transaction on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value 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 $2,230,709.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director James Donald Hoffman sold 5,000 shares of the firm’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 directly owns 49,042 shares of the company’s stock, valued at $14,212,862.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Insiders have sold 40,421 shares of company stock worth $11,866,855 over the last ninety days. 0.69% of the stock is owned by insiders.

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.