Reliance (RS) Scheduled to Post Quarterly Earnings on Thursday

Reliance (NYSE:RS) will be issuing its quarterly earnings data before the market opens on Thursday, October 24th. Analysts expect the company to announce earnings of $3.69 per share for the quarter. Reliance has set its Q3 guidance at $3.60-3.80 EPS and its Q3 2024 guidance at 3.600-3.800 EPS.Parties that are interested in participating in the company’s conference call can do so using this link.

Reliance (NYSE:RS) last released its earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08). The company had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. Reliance’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the firm posted $6.49 EPS. On average, analysts expect Reliance to post $17 EPS for the current fiscal year and $17 EPS for the next fiscal year.

Reliance Stock Performance

RS opened at $292.16 on Thursday. The stock has a market capitalization of $16.78 billion, a price-to-earnings ratio of 13.65 and a beta of 0.85. Reliance has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. The company has a fifty day moving average of $282.40 and a 200 day moving average of $293.09.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $1.10 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 annualized dividend and a dividend yield of 1.51%. Reliance’s dividend payout ratio (DPR) is 20.55%.

Analysts Set New Price Targets

Several equities analysts have weighed in on RS shares. Bank of America cut their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. KeyCorp lowered their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Reliance presently has an average rating of “Hold” and a consensus price target of $329.40.

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.