Zacks Research Has Negative View of Reliance FY2024 Earnings

Reliance, Inc. (NYSE:RS) – Equities researchers at Zacks Research decreased their FY2024 EPS estimates for shares of Reliance in a research report issued to clients and investors on Wednesday, January 22nd. Zacks Research analyst R. Department now anticipates that the industrial products company will earn $16.38 per share for the year, down from their prior estimate of $16.43. The consensus estimate for Reliance’s current full-year earnings is $16.36 per share. Zacks Research also issued estimates for Reliance’s Q4 2024 earnings at $2.79 EPS, FY2025 earnings at $15.91 EPS, Q2 2026 earnings at $4.76 EPS and FY2026 earnings at $18.16 EPS.

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

A number of other analysts also recently weighed in on RS. The Goldman Sachs Group initiated 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. BMO Capital Markets lowered their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Finally, KeyCorp lowered their target price on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a research report on Wednesday. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $328.17.

Reliance Stock Performance

NYSE RS opened at $290.79 on Thursday. The stock has a market capitalization of $15.74 billion, a price-to-earnings ratio of 15.97 and a beta of 0.91. The business’s 50 day moving average is $290.30 and its two-hundred day moving average is $290.20. Reliance has a 12-month low of $256.98 and a 12-month high of $342.20. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

Institutional Investors Weigh In On Reliance

Several hedge funds have recently modified their holdings of the company. Quarry LP purchased a new stake in shares of Reliance in the third quarter valued at $41,000. Versant Capital Management Inc lifted its position in Reliance by 157.8% during the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after buying an additional 131 shares during the period. UMB Bank n.a. boosted its stake in Reliance by 27.0% in the 3rd 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. Brooklyn Investment Group purchased a new stake in Reliance in the 3rd quarter valued at about $78,000. Finally, Abound Wealth Management increased its stake in shares of Reliance by 35,700.0% during the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after acquiring an additional 357 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

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.