Reliance (NYSE:RS – Get Free Report) updated its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.65 to $2.85 for the period, compared to the consensus earnings per share estimate of $3.40. Reliance also updated its Q4 2024 guidance to 2.650-2.850 EPS.
Analyst Ratings Changes
Several brokerages recently issued reports on RS. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a report on Friday, July 26th. Bank of America dropped their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Reliance has an average rating of “Hold” and an average price target of $329.40.
Check Out Our Latest Analysis on RS
Reliance Trading Up 3.9 %
Reliance (NYSE:RS – Get Free Report) last announced its earnings results 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 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 the consensus estimate of $3.38 billion. During the same period in the prior year, the business earned $5.00 earnings per share. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, sell-side analysts anticipate that Reliance will post 17.16 EPS for the current year.
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.
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