Zacks Research Decreases Earnings Estimates for Reliance

Reliance, Inc. (NYSE:RS) – Equities research analysts at Zacks Research cut their FY2024 earnings per share (EPS) estimates for Reliance in a report released on Wednesday, January 22nd. Zacks Research analyst R. Department now forecasts that the industrial products company will earn $16.38 per share for the year, down from their prior forecast of $16.43. The consensus estimate for Reliance’s current full-year earnings is $16.38 per share. Zacks Research also issued estimates for Reliance’s Q4 2024 earnings at $2.79 EPS, FY2025 earnings at $15.91 EPS, Q2 2026 earnings at $4.76 EPS and FY2026 earnings at $18.16 EPS.

Several other equities analysts have also commented on the stock. BMO Capital Markets reduced their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. KeyCorp cut their target price on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, The Goldman Sachs Group assumed coverage on shares of Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target for the company. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $328.17.

Reliance Stock Performance

NYSE:RS opened at $287.70 on Thursday. Reliance has a 1-year low of $256.98 and a 1-year high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The business has a 50 day moving average of $291.14 and a 200 day moving average of $290.15. The company has a market capitalization of $15.57 billion, a price-to-earnings ratio of 15.80 and a beta of 0.91.

Reliance (NYSE:RS) last posted 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 during the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. Reliance’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.00 earnings per share.

Institutional Investors Weigh In On Reliance

Hedge funds and other institutional investors have recently bought and sold shares of the business. Toronto Dominion Bank lifted its stake in shares of Reliance by 26.7% in the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock worth $2,371,000 after buying an additional 1,729 shares in the last quarter. Assetmark Inc. raised its holdings in Reliance by 24.2% in the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock worth $8,074,000 after acquiring an additional 5,431 shares during the last quarter. AXA S.A. lifted its position in Reliance by 5.4% in the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock valued at $22,658,000 after acquiring an additional 4,032 shares in the last quarter. Dearborn Partners LLC boosted its stake in Reliance by 4.1% during the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock valued at $24,989,000 after purchasing an additional 3,419 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Reliance by 1.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after purchasing an additional 1,696 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling

In related news, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the sale, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 85,117 shares in the company, valued at approximately $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. 0.69% of the stock is owned by company 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.