KeyCorp Comments on Reliance’s FY2024 Earnings (NYSE:RS)

Reliance, Inc. (NYSE:RS) – Equities researchers at KeyCorp issued their FY2024 earnings per share estimates for shares of Reliance in a research report issued to clients and investors on Tuesday, January 21st. KeyCorp analyst P. Gibbs anticipates that the industrial products company will post earnings per share of $16.43 for the year. KeyCorp currently has a “Overweight” rating and a $321.00 target price on the stock. The consensus estimate for Reliance’s current full-year earnings is $16.36 per share. KeyCorp also issued estimates for Reliance’s FY2025 earnings at $19.15 EPS.

Reliance (NYSE:RS) last posted its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share 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 during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter last year, the business posted $5.00 earnings per share. The company’s revenue for the quarter was down 5.6% on a year-over-year basis.

RS has been the subject of a number of other reports. The Goldman Sachs Group started coverage on Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective for the company. BMO Capital Markets cut their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $328.17.

Reliance Trading Up 1.0 %

NYSE:RS opened at $290.79 on Friday. The business’s 50-day simple moving average is $290.30 and its 200-day simple moving average is $290.29. Reliance has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The stock has a market capitalization of $15.74 billion, a PE ratio of 15.97 and a beta of 0.91.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Toronto Dominion Bank increased its stake in Reliance by 26.7% in the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after purchasing an additional 1,729 shares in the last quarter. Assetmark Inc. increased its position in Reliance by 24.2% in the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after buying an additional 5,431 shares in the last quarter. AXA S.A. raised its stake in Reliance by 5.4% during the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock worth $22,658,000 after buying an additional 4,032 shares during the period. Dearborn Partners LLC boosted its holdings in Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after acquiring an additional 3,419 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after acquiring an additional 1,696 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP William A. Smith II sold 6,500 shares of the stock in a transaction dated Wednesday, November 6th. The stock was 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 owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the sale, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This represents a 4.37 % decrease in their position. 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 90 days. Insiders own 0.69% 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.