FY2024 EPS Estimates for Reliance Reduced by Seaport Res Ptn

Reliance, Inc. (NYSE:RS) – Seaport Res Ptn lowered their FY2024 earnings per share estimates for shares of Reliance in a research report issued on Tuesday, January 21st. Seaport Res Ptn analyst M. Englert now forecasts that the industrial products company will earn $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 $16.42 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.

Several other brokerages have also issued reports on RS. KeyCorp cut their price target 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 dropped their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group began coverage on shares of Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $328.17.

Reliance Trading Down 1.0 %

Shares of RS opened at $287.70 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The company has a market cap of $15.57 billion, a price-to-earnings ratio of 15.80 and a beta of 0.91. The stock has a fifty day moving average price of $291.14 and a two-hundred day moving average price of $290.15. Reliance has a 52-week low of $256.98 and a 52-week high of $342.20.

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

Institutional Trading of Reliance

A number of institutional investors and hedge funds have recently made changes to their positions in RS. Pacer Advisors Inc. grew 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 buying an additional 803,730 shares during the last quarter. International Assets Investment Management LLC grew its position in Reliance by 27,269.0% during the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock worth $32,453,000 after acquiring an additional 111,803 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Reliance by 19.7% in the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after purchasing an additional 77,937 shares in the last quarter. KBC Group NV raised its position in Reliance by 68.8% in the third quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after purchasing an additional 56,933 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in shares of Reliance during the third quarter valued at about $12,389,000. Institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling at Reliance

In other news, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction dated 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 owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction 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 over the last 90 days. Company 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.