Reliance (NYSE:RS) Announces Quarterly Earnings Results

Reliance (NYSE:RS - Get Free Report) announced its quarterly earnings results on Thursday. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts' consensus estimates of $5.51 by ($0.21), Briefing.com reports. The company had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. Reliance had a net margin of 9.02% and a return on equity of 17.53%. Reliance's revenue was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.37 earnings per share. Reliance updated its Q2 2024 guidance to 4.700-4.900 EPS and its Q2 guidance to $4.70 to $4.90 EPS.

Reliance Stock Down 6.8 %

Shares of NYSE:RS opened at $292.21 on Friday. The company has a quick ratio of 3.23, a current ratio of 5.66 and a debt-to-equity ratio of 0.15. Reliance has a fifty-two week low of $229.12 and a fifty-two week high of $342.20. The stock has a market cap of $16.78 billion, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 5.52 and a beta of 0.87. The firm's 50 day moving average price is $325.69 and its 200 day moving average price is $291.40.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were given a dividend of $1.10 per share. The ex-dividend date was Thursday, March 7th. This is an increase from Reliance's previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.51%. Reliance's payout ratio is currently 19.46%.

Wall Street Analysts Forecast Growth

RS has been the topic of a number of research reports. KeyCorp upped their price target on Reliance from $300.00 to $362.00 and gave the stock an "overweight" rating in a research note on Friday, February 16th. BMO Capital Markets increased their price target on shares of Reliance from $295.00 to $355.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 20th. Finally, Citigroup cut shares of Reliance from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $280.00 to $380.00 in a report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $365.67.

Insider Buying and Selling

In other news, CEO Karla R. Lewis sold 42,346 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the transaction, the chief executive officer now owns 84,534 shares in the company, valued at approximately $26,963,809.98. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Karla R. Lewis sold 42,346 shares of the business's stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the completion of the sale, the chief executive officer now directly owns 84,534 shares of the company's stock, valued at approximately $26,963,809.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Arthur Ajemyan sold 3,000 shares of the firm'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 transaction, the chief financial officer now owns 15,577 shares in the company, valued at approximately $5,030,592.15. The disclosure for this sale can be found here. Over the last quarter, insiders sold 85,996 shares of company stock worth $27,603,878. 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.