FY2024 Earnings Forecast for Reliance Issued By KeyCorp

Reliance, Inc. (NYSE:RS) – Analysts at KeyCorp issued their FY2024 EPS estimates for Reliance in a note issued to investors on Tuesday, January 21st. KeyCorp analyst P. Gibbs anticipates that the industrial products company will post earnings per share of $16.43 for the year. KeyCorp currently has a “Overweight” rating and a $321.00 target price on the stock. The consensus estimate for Reliance’s current full-year earnings is $16.36 per share. KeyCorp also issued estimates for Reliance’s FY2025 earnings at $19.15 EPS.

Several other research firms have also recently commented on RS. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. BMO Capital Markets cut their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, The Goldman Sachs Group initiated coverage on Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Reliance currently has an average rating of “Hold” and a consensus price target of $328.17.

Reliance Trading Up 0.2 %

Shares of RS stock opened at $287.98 on Friday. Reliance has a 12 month low of $256.98 and a 12 month high of $342.20. The company has a market cap of $15.59 billion, a PE ratio of 15.81 and a beta of 0.91. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The business’s 50 day moving average is $290.69 and its two-hundred day moving average is $290.13.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. Reliance’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the business posted $5.00 EPS.

Institutional Investors Weigh In On Reliance

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP acquired a new position in Reliance in the third quarter valued at about $41,000. Versant Capital Management Inc grew its holdings in Reliance by 157.8% during the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 131 shares during the period. UMB Bank n.a. raised its stake in shares of Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares during the period. Brooklyn Investment Group bought a new stake in shares of Reliance in the third quarter valued at about $78,000. Finally, Abound Wealth Management boosted its position in shares of Reliance by 35,700.0% during the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after buying an additional 357 shares during the period. Institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling

In related news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the completion of the transaction, the chief executive officer now owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock valued at $6,856,500 over the last quarter. Corporate 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.