Reliance (NYSE:RS) Releases Q4 Earnings Guidance

Reliance (NYSE:RS) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.65 to $2.85 for the period, compared to the consensus estimate of $3.40. Reliance also updated its Q4 2024 guidance to 2.650-2.850 EPS.

Analyst Ratings Changes

A number of brokerages recently issued reports on RS. BMO Capital Markets reduced their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday. KeyCorp reduced their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Finally, Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $326.40.

Reliance Price Performance

Shares of RS stock traded down $10.26 during trading hours on Friday, reaching $283.54. The company’s stock had a trading volume of 368,710 shares, compared to its average volume of 319,721. The firm’s 50 day simple moving average is $283.60 and its 200-day simple moving average is $291.55. The company has a market capitalization of $15.60 billion, a price-to-earnings ratio of 14.64 and a beta of 0.85. Reliance has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS) last issued its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted $5.00 EPS. Sell-side analysts forecast that Reliance will post 17.16 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is presently 22.46%.

About Reliance

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.