Seaport Res Ptn Reduces Earnings Estimates for Reliance

Reliance, Inc. (NYSE:RS) – Equities researchers at Seaport Res Ptn decreased their FY2024 earnings estimates for Reliance in a research report issued to clients and investors 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 previous 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 issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.00 earnings per share.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group assumed coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target on the stock. BMO Capital Markets reduced their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Finally, KeyCorp cut their price objective on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a research report on Wednesday. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $328.17.

Reliance Stock Down 1.0 %

Shares of NYSE:RS opened at $287.70 on Wednesday. The business’s 50-day moving average is $291.14 and its 200-day moving average is $290.15. Reliance has a 1 year low of $256.98 and a 1 year high of $342.20. The company has a market capitalization of $15.57 billion, a price-to-earnings ratio of 15.80 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58.

Institutional Inflows and Outflows

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

Insider Activity

In other Reliance 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 transaction of $2,091,115.00. Following the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. The trade was a 27.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Karla R. Lewis sold 3,892 shares of the 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 completion of the sale, the chief executive officer now owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. This represents 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 three months. 0.69% of the stock is currently owned by insiders.

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.