Reliance (NYSE:RS) Releases Q4 Earnings Guidance

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

Reliance Stock Performance

Shares of NYSE:RS traded down $10.26 on Friday, hitting $283.54. The company had a trading volume of 368,712 shares, compared to its average volume of 319,721. The stock has a 50 day moving average price of $283.64 and a 200 day moving average price of $291.18. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The stock has a market cap of $15.60 billion, a price-to-earnings ratio of 14.47 and a beta of 0.85. Reliance has a 1-year low of $237.14 and a 1-year high of $342.20.

Reliance (NYSE:RS) last announced 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 firm had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. Reliance’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter last year, the business posted $5.00 EPS. Analysts expect that Reliance will post 17.16 EPS for the current year.

Reliance Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.55%. Reliance’s dividend payout ratio is presently 22.46%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a report on Friday, July 26th. BMO Capital Markets decreased their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, KeyCorp dropped their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $326.40.

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.