FY2024 Earnings Estimate for Reliance Issued By KeyCorp

Reliance, Inc. (NYSE:RS) – Equities researchers at KeyCorp issued their FY2024 earnings estimates for shares of Reliance in a report issued on Tuesday, January 21st. KeyCorp analyst P. Gibbs forecasts that the industrial products company will post earnings per share of $16.43 for the year. KeyCorp has a “Overweight” rating and a $321.00 price target 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 quarterly earnings data 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 net margin of 7.42% and a return on equity of 13.68%. The company 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 business earned $5.00 earnings per share. The company’s revenue was down 5.6% on a year-over-year basis.

A number of other analysts have also recently weighed in on the stock. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. BMO Capital Markets decreased their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, The Goldman Sachs Group assumed coverage on Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price for the company. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Reliance currently has an average rating of “Hold” and a consensus target price of $328.17.

Reliance Stock Performance

Shares of NYSE RS opened at $290.79 on Friday. Reliance has a 1 year low of $256.98 and a 1 year high of $342.20. The firm has a market cap of $15.74 billion, a P/E ratio of 15.97 and a beta of 0.91. The stock has a fifty day moving average price of $290.30 and a two-hundred day moving average price of $290.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31.

Hedge Funds Weigh In On Reliance

A number of hedge funds and other institutional investors have recently made changes to their positions in RS. DAVENPORT & Co LLC lifted its position in shares of Reliance by 18.7% during the 4th quarter. DAVENPORT & Co LLC now owns 1,620 shares of the industrial products company’s stock worth $436,000 after buying an additional 255 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in shares of Reliance by 0.9% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 150,140 shares of the industrial products company’s stock valued at $40,427,000 after purchasing an additional 1,410 shares in the last quarter. Hunter Associates Investment Management LLC boosted its stake in shares of Reliance by 4.6% in the 4th quarter. Hunter Associates Investment Management LLC now owns 7,360 shares of the industrial products company’s stock valued at $1,989,000 after purchasing an additional 324 shares in the last quarter. Swedbank AB grew its holdings in shares of Reliance by 1.6% in the 4th quarter. Swedbank AB now owns 43,568 shares of the industrial products company’s stock worth $11,731,000 after purchasing an additional 687 shares during the last quarter. Finally, BSW Wealth Partners increased its position in shares of Reliance by 23.5% during the 4th quarter. BSW Wealth Partners now owns 2,215 shares of the industrial products company’s stock worth $596,000 after purchasing an additional 422 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Insider Buying and Selling at Reliance

In related news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the transaction, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the transaction, the chief executive officer now owns 85,117 shares in the company, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock worth $6,856,500 over the last ninety days. Company 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.