Reliance (NYSE:RS) Announces Earnings Results

Reliance (NYSE:RS) issued its earnings results on Thursday. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02), Briefing.com reports. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the prior year, the firm earned $5.00 earnings per share. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. Reliance updated its Q4 2024 guidance to 2.650-2.850 EPS and its Q4 guidance to $2.65 to $2.85 EPS.

Reliance Trading Down 3.5 %

NYSE RS opened at $283.54 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The stock has a market capitalization of $15.60 billion, a P/E ratio of 14.47 and a beta of 0.85. The firm’s 50-day moving average is $283.64 and its two-hundred day moving average is $291.18. Reliance has a 12 month low of $237.14 and a 12 month high of $342.20.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.55%. Reliance’s dividend payout ratio (DPR) is currently 22.46%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a report on Friday, July 26th. KeyCorp dropped their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Finally, BMO Capital Markets decreased their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $326.40.

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.