Q1 2024 EPS Estimates for Reliance, Inc. (NYSE:RS) Boosted by Zacks Research

Reliance, Inc. (NYSE:RS) – Analysts at Zacks Research increased their Q1 2024 earnings per share (EPS) estimates for Reliance in a report issued on Monday, April 22nd. Zacks Research analyst A. Barman now expects that the industrial products company will post earnings per share of $5.47 for the quarter, up from their previous forecast of $5.45. The consensus estimate for Reliance’s current full-year earnings is $19.51 per share. Zacks Research also issued estimates for Reliance’s Q2 2024 earnings at $4.55 EPS, Q3 2024 earnings at $4.50 EPS, Q4 2024 earnings at $3.86 EPS, Q2 2025 earnings at $4.45 EPS, Q3 2025 earnings at $4.70 EPS, Q4 2025 earnings at $3.89 EPS and Q1 2026 earnings at $4.64 EPS.

A number of other equities research analysts have also recently weighed in on the company. Citigroup cut 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 research note on Thursday, April 11th. KeyCorp lifted their target price on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Finally, BMO Capital Markets lifted their target price on Reliance from $295.00 to $355.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Reliance presently has an average rating of “Moderate Buy” and a consensus target price of $365.67.

Reliance Trading Down 1.7 %

Shares of NYSE RS opened at $314.00 on Tuesday. Reliance has a twelve month low of $229.12 and a twelve month high of $342.20. The company has a current ratio of 5.66, a quick ratio of 3.23 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $324.81 and a 200-day simple moving average of $290.87. The stock has a market capitalization of $18.03 billion, a PE ratio of 13.89, a PEG ratio of 5.63 and a beta of 0.87.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, February 15th. The industrial products company reported $4.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.92 by $0.81. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The business had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.31 billion. During the same period in the previous year, the firm posted $5.87 earnings per share. The company’s revenue was down 7.6% on a year-over-year basis.

Institutional Trading of Reliance

Several institutional investors and hedge funds have recently made changes to their positions in the company. Astoria Portfolio Advisors LLC. lifted its holdings in shares of Reliance by 4.9% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company’s stock valued at $253,000 after purchasing an additional 36 shares during the last quarter. Lindbrook Capital LLC lifted its holdings in shares of Reliance by 8.4% in the 4th quarter. Lindbrook Capital LLC now owns 480 shares of the industrial products company’s stock valued at $134,000 after purchasing an additional 37 shares during the last quarter. Rational Advisors LLC lifted its holdings in shares of Reliance by 33.6% in the 1st quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock valued at $53,000 after purchasing an additional 40 shares during the last quarter. Avantax Advisory Services Inc. lifted its holdings in shares of Reliance by 4.2% in the 4th quarter. Avantax Advisory Services Inc. now owns 1,023 shares of the industrial products company’s stock valued at $286,000 after purchasing an additional 41 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Reliance by 11.0% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 444 shares of the industrial products company’s stock valued at $116,000 after acquiring an additional 44 shares during the period. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the sale, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the sale, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Donald Hoffman sold 40,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total value of $12,918,000.00. Following the completion of the sale, the director now directly owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The disclosure for this sale can be found here. Insiders sold 85,996 shares of company stock valued at $27,603,878 in the last ninety days. Insiders own 0.69% of the company’s stock.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.40%. This is an increase from Reliance’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, March 7th. Reliance’s payout ratio is 19.46%.

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.