Reliance (NYSE:RS - Get Free Report) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $4.70 to $4.90 for the period, compared to the consensus earnings per share estimate of $5.34. Reliance also updated its Q2 2024 guidance to 4.700-4.900 EPS.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the company. Citigroup cut Reliance from a buy rating to a neutral rating and raised their price target for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. KeyCorp raised their price target on Reliance from $300.00 to $362.00 and gave the stock an overweight rating in a research report on Friday, February 16th. Finally, BMO Capital Markets raised their price objective on Reliance from $295.00 to $355.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Reliance has a consensus rating of Moderate Buy and a consensus target price of $365.67.
Read Our Latest Stock Analysis on RS
Reliance Trading Down 6.8 %
Shares of RS stock traded down $21.36 during mid-day trading on Thursday, reaching $292.21. 920,145 shares of the stock traded hands, compared to its average volume of 245,848. The stock's fifty day simple moving average is $325.69 and its two-hundred day simple moving average is $291.40. Reliance has a 1-year low of $229.12 and a 1-year high of $342.20. The company has a market cap of $16.78 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 5.53 and a beta of 0.87. 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 (NYSE:RS - Get Free Report) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing analysts' consensus estimates of $5.48 by ($0.18). Reliance had a net margin of 9.02% and a return on equity of 17.53%. The firm had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same period in the previous year, the business posted $6.37 earnings per share. The business's revenue for the quarter was down 8.1% compared to the same quarter last year. On average, research analysts anticipate that Reliance will post 19.51 EPS for the current fiscal year.
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. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.51%. This is an increase from Reliance's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, March 7th. Reliance's dividend payout ratio (DPR) is 19.46%.
Insider Transactions at Reliance
In other news, CEO Karla R. Lewis sold 42,346 shares of the firm's stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at $26,963,809.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Reliance news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now directly owns 83,884 shares in the company, valued at $27,091,176.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Karla R. Lewis sold 42,346 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total value of $13,507,103.62. Following the sale, the chief executive officer now owns 84,534 shares of the company's stock, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. Insiders sold 85,996 shares of company stock worth $27,603,878 over the last ninety days. 0.69% of the stock is owned by insiders.
About Reliance
(
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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.
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