FY2024 EPS Estimates for Reliance Reduced by Seaport Res Ptn

Reliance, Inc. (NYSE:RS) – Equities research analysts at Seaport Res Ptn decreased their FY2024 earnings estimates for Reliance in a research report issued on Tuesday, January 21st. Seaport Res Ptn analyst M. Englert now anticipates that the industrial products company will post earnings of $16.29 per share for the year, down from their prior forecast 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.

Reliance (NYSE:RS) last posted its quarterly earnings data 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). The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.00 earnings per share.

A number of other equities analysts also recently weighed in on the company. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. The Goldman Sachs Group started coverage on shares of Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. KeyCorp lowered their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Finally, BMO Capital Markets cut 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. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $328.83.

Reliance Stock Up 0.8 %

NYSE:RS opened at $290.49 on Wednesday. The business’s fifty day moving average price is $291.64 and its 200 day moving average price is $290.16. The firm has a market capitalization of $15.72 billion, a price-to-earnings ratio of 15.95 and a beta of 0.91. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. Reliance has a 1-year low of $256.98 and a 1-year high of $342.20.

Insider Buying and Selling

In related news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction on 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 transaction, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction dated 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 owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,724 shares of company stock worth $6,856,500. Corporate insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Reliance

Several large investors have recently made changes to their positions in RS. Quarry LP bought a new position in Reliance in the 3rd quarter worth approximately $41,000. Versant Capital Management Inc grew its stake in shares of 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 acquiring an additional 131 shares during the last quarter. UMB Bank n.a. increased its position in Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after acquiring an additional 53 shares during the period. Brooklyn Investment Group acquired a new position in Reliance during the 3rd quarter valued at $78,000. Finally, Abound Wealth Management boosted its holdings in Reliance by 35,700.0% in the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 357 shares during the period. Institutional investors and hedge funds own 79.26% 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.