FY2024 EPS Estimates for Reliance Reduced by Seaport Res Ptn

Reliance, Inc. (NYSE:RS) – Research analysts at Seaport Res Ptn decreased their FY2024 earnings per share (EPS) estimates for Reliance in a report issued on Tuesday, January 21st. Seaport Res Ptn analyst M. Englert now forecasts that the industrial products company will post earnings of $16.29 per share for the year, down from their prior estimate of $16.43. The consensus estimate for Reliance’s current full-year earnings is $16.38 per share. Seaport Res Ptn also issued estimates for Reliance’s Q4 2024 earnings at $2.70 EPS and FY2025 earnings at $14.62 EPS.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS 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 analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the firm earned $5.00 earnings per share.

RS has been the subject of a number of other reports. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. KeyCorp lowered their price objective on Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a research note on Wednesday. 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, October 25th. Finally, The Goldman Sachs Group assumed coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Reliance has a consensus rating of “Hold” and an average target price of $328.17.

Reliance Stock Up 0.2 %

Reliance stock opened at $287.98 on Wednesday. The stock has a market capitalization of $15.59 billion, a PE ratio of 15.81 and a beta of 0.91. Reliance has a 12 month low of $256.98 and a 12 month high of $342.20. The business has a 50 day simple moving average of $290.69 and a 200-day simple moving average of $290.13. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58.

Insider Activity

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock valued at $6,856,500 in the last three months. 0.69% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its stake in shares of Reliance by 6,311.2% during the fourth quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock worth $219,841,000 after purchasing an additional 803,730 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Reliance by 19.7% in the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after buying an additional 77,937 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in Reliance by 7.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock valued at $85,616,000 after buying an additional 20,056 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Reliance by 0.5% in the third quarter. JPMorgan Chase & Co. now owns 285,871 shares of the industrial products company’s stock valued at $82,677,000 after buying an additional 1,499 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Reliance by 0.3% during the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after purchasing an additional 528 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

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.