Zacks Research Weighs in on Reliance, Inc.’s Q1 2024 Earnings (NYSE:RS)

Reliance, Inc. (NYSE:RS) – Investment analysts at Zacks Research boosted their Q1 2024 earnings estimates for shares of Reliance in a research note issued to investors on Monday, April 22nd. Zacks Research analyst A. Barman now anticipates 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 brokerages have also recently commented on RS. KeyCorp raised their price objective on shares of 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 lifted their price target on shares of Reliance from $295.00 to $355.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Finally, Citigroup cut shares of Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Reliance has an average rating of “Moderate Buy” and a consensus price target of $365.67.

Reliance Stock Performance

RS opened at $313.49 on Tuesday. Reliance has a 12-month low of $229.12 and a 12-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 firm has a market capitalization of $18.00 billion, a PE ratio of 13.87, a P/E/G ratio of 5.63 and a beta of 0.87. The firm has a 50 day moving average of $325.31 and a two-hundred day moving average of $291.25.

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

Hedge Funds Weigh In On Reliance

Several institutional investors have recently bought and sold shares of RS. Riverview Trust Co acquired a new position in Reliance in the 1st quarter valued at about $25,000. Contravisory Investment Management Inc. acquired a new position in Reliance in the 1st quarter valued at about $30,000. Millburn Ridgefield Corp acquired a new position in Reliance in the 3rd quarter valued at about $33,000. Catalyst Capital Advisors LLC acquired a new position in shares of Reliance during the third quarter worth about $33,000. Finally, Partnership Wealth Management LLC acquired a new position in shares of Reliance during the fourth quarter worth about $43,000. 79.26% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Reliance

In other news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total value of $968,850.00. Following the sale, the chief financial officer now directly owns 15,577 shares in the company, valued at approximately $5,030,592.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Karla R. Lewis sold 650 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total transaction of $209,924.00. Following the completion of the sale, the chief executive officer now owns 83,884 shares in the company, valued at $27,091,176.64. The disclosure for this sale can be found here. Insiders have sold a total of 85,996 shares of company stock worth $27,603,878 in the last quarter. Company insiders own 0.69% of the company’s stock.

Reliance Increases Dividend

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