FY2024 EPS Estimates for Reliance Cut by Seaport Res Ptn

Reliance, Inc. (NYSE:RS) – Research analysts at Seaport Res Ptn reduced their FY2024 EPS estimates for Reliance in a report issued on Thursday, October 24th. Seaport Res Ptn analyst M. Englert now anticipates that the industrial products company will earn $16.43 per share for the year, down from their prior estimate of $17.05. The consensus estimate for Reliance’s current full-year earnings is $16.96 per share. Seaport Res Ptn also issued estimates for Reliance’s Q1 2025 earnings at $4.01 EPS, Q3 2025 earnings at $3.77 EPS and Q4 2025 earnings at $3.24 EPS.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the company earned $5.00 EPS. Reliance’s revenue for the quarter was down 5.6% on a year-over-year basis.

A number of other equities analysts have also recently issued reports on RS. BMO Capital Markets lowered their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a 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 report on Monday, October 14th. Finally, Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Reliance presently has a consensus rating of “Hold” and a consensus target price of $326.40.

Reliance Stock Up 4.9 %

Shares of RS opened at $297.54 on Monday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. Reliance has a 52 week low of $249.29 and a 52 week high of $342.20. The stock has a market capitalization of $16.37 billion, a price-to-earnings ratio of 16.34 and a beta of 0.85. The stock has a fifty day moving average of $283.99 and a 200-day moving average of $290.34.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.48%. Reliance’s payout ratio is 24.16%.

Hedge Funds Weigh In On Reliance

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Innealta Capital LLC bought a new position in Reliance during the 2nd quarter worth approximately $28,000. UMB Bank n.a. raised its stake in Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after buying an additional 53 shares during the last quarter. National Bank of Canada FI lifted its holdings in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares during the period. Headlands Technologies LLC bought a new stake in Reliance during the first quarter valued at $86,000. Finally, International Assets Investment Management LLC bought a new stake in Reliance during the second quarter valued at $117,000. 79.26% of the stock is owned by institutional investors and hedge funds.

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.