Reliance FY2024 EPS Forecast Decreased by Zacks Research

Reliance, Inc. (NYSE:RS) – Stock analysts at Zacks Research decreased their FY2024 EPS estimates for 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 previous forecast of $16.43. The consensus estimate for Reliance’s current full-year earnings is $16.38 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.

RS has been the topic of several other reports. KeyCorp lowered their price target on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a research report on Wednesday. The Goldman Sachs Group began coverage on Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Finally, BMO Capital Markets decreased their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Reliance presently has an average rating of “Hold” and an average price target of $328.17.

Reliance Stock Performance

RS opened at $287.98 on Thursday. Reliance has a 1-year low of $256.98 and a 1-year high of $342.20. The stock has a market cap of $15.59 billion, a P/E ratio of 15.81 and a beta of 0.91. The stock’s 50 day simple moving average is $290.69 and its 200 day simple moving average is $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.

Reliance (NYSE:RS) last released 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). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company 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 firm posted $5.00 EPS. The firm’s quarterly revenue was down 5.6% on a year-over-year basis.

Insiders Place Their Bets

In related news, CEO Karla R. Lewis sold 3,892 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the transaction, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,724 shares of company stock worth $6,856,500 over the last quarter. 0.69% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RS. Quarry LP bought a new stake in shares of Reliance in the 3rd quarter valued at approximately $41,000. Versant Capital Management Inc boosted its holdings in Reliance by 157.8% in the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 131 shares during the period. UMB Bank n.a. increased 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 valued at $72,000 after purchasing an additional 53 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Reliance during the third quarter worth $78,000. Finally, Abound Wealth Management lifted its position in shares of Reliance by 35,700.0% in the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after buying an additional 357 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

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.