BofA Securities resumed coverage on Reliance Steel with a new price target
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BofA Securities resumed coverage of Reliance Steel with a rating of Neutral and set a new price target of $231.00
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| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 7/26/2024 | $262.00 | Peer Perform → Underperform | Wolfe Research |
| 4/11/2024 | $380.00 | Buy → Neutral | Citigroup |
| 4/28/2023 | Outperform → Peer Perform | Wolfe Research | |
| 1/4/2023 | $231.00 | Neutral | BofA Securities |
| 10/6/2022 | $218.00 → $201.00 | Buy → Neutral | Goldman |
| 8/15/2022 | $230.00 | Outperform | BMO Capital Markets |
| 4/29/2022 | $226.00 | Peer Perform → Outperform | Wolfe Research |
| 4/14/2022 | Neutral → Outperform | Exane BNP Paribas |
Wolfe Research downgraded Reliance, Inc. from Peer Perform to Underperform and set a new price target of $262.00
Citigroup downgraded Reliance, Inc. from Buy to Neutral and set a new price target of $380.00
Wolfe Research downgraded Reliance Steel from Outperform to Peer Perform
Reliance anticipates underlying demand will remain relatively stable across the majority of the end markets it serves in the third quarter of 2024 subject to shipment levels to be impacted by normal seasonal patterns, which include a decline in shipping volumes due to planned customer shutdowns and vacation schedules. As a result, the Company estimates its tons sold will be down 2.5% to 4.5% in the third quarter of 2024 compared to the second quarter of 2024 and up 4.5% to 6.5% from the third quarter of 2023. Reliance expects its average selling price per ton sold for the third quarter of 2024 to be down 2% to 4% compared to the second quarter of 2024, primarily driven by lower prices for ca
Reliance (NYSE:RS) reported quarterly earnings of $4.65 per share which missed the analyst consensus estimate of $4.73 by 1.69 percent. The company reported quarterly sales of $3.643 billion which missed the analyst consensus estimate of $3.650 billion by 0.18 percent. This is a 6.10 percent decrease over sales of $3.880 billion the same period last year.
Reliance (NYSE:RS) has outperformed the market over the past 20 years by 6.45% on an annualized basis producing an average annual return of 14.98%. Currently, Reliance has a market capitalization of $17.64 billion. Buying $100 In RS: If an investor had bought $100 of RS stock 20 years ago, it would be worth $1,660.05 today based on a price of $307.20 for RS at the time of writing. Reliance's Performance Over Last 20 Years Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time. This article was generated by Benzinga's automated content engine and reviewed by
SCOTTSDALE, Ariz., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) announced today that Karla Lewis, President and Chief Executive Officer, Arthur Ajemyan, Senior Vice President and Chief Financial Officer, and Stephen Koch, Executive Vice President and Chief Operating Officer, will participate in the Baird 2024 Global Industrial Conference on Wednesday, November 13, 2024 in Chicago, Illinois. Reliance is scheduled to present on Wednesday, November 13th at 4:40 p.m. CT. The presentation will be webcast live over the Internet, hosted on the Investors section of the Company's website at investor.reliance.com. In addition to the live webcast, a replay will be available on the Comp
— Net sales of $3.42 billion with tons sold up 7.1% from Q3 2023 — Gross profit margin of 29.4% — EPS of $3.61, non-GAAP EPS of $3.64 — Cash flow from operations of $463.9 million — Share repurchases of $432.0 million reduced outstanding shares by 3%; replenished existing share repurchase program to $1.5 billion — Amended and restated $1.5 billion credit agreement for a new five-year term — Completed acquisition of FerrouSouth toll processing assets on August 16, 2024 SCOTTSDALE, Ariz., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) today reported its financial results for the third quarter ended September 30, 2024. (in millions, except tons which a
SCOTTSDALE, Ariz., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) announced today that it will report third quarter 2024 financial results for the period ended September 30, 2024, on Thursday, October 24, 2024, at 6:50 a.m. Eastern Time. Reliance management will host a conference call that same day at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet hosted on the Investors section of the Company's website at reliance.com. Reliance, Inc. Third Quarter 2024 Conference Call Details DATE: Thursday, October 24, 2024 TIME: 8:00 a.m. Pacific Time10:00 a.m. Central Time11:00 a.m. Eastern Time DIAL-IN: (877) 407-0792 (U.S. and Canada)(201) 6
— Net sales of $3.42 billion with tons sold up 7.1% from Q3 2023 — Gross profit margin of 29.4% — EPS of $3.61, non-GAAP EPS of $3.64 — Cash flow from operations of $463.9 million — Share repurchases of $432.0 million reduced outstanding shares by 3%; replenished existing share repurchase program to $1.5 billion — Amended and restated $1.5 billion credit agreement for a new five-year term — Completed acquisition of FerrouSouth toll processing assets on August 16, 2024 SCOTTSDALE, Ariz., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) today reported its financial results for the third quarter ended September 30, 2024. (in millions, except tons which a
SCOTTSDALE, Ariz., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) announced today that it will report third quarter 2024 financial results for the period ended September 30, 2024, on Thursday, October 24, 2024, at 6:50 a.m. Eastern Time. Reliance management will host a conference call that same day at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet hosted on the Investors section of the Company's website at reliance.com. Reliance, Inc. Third Quarter 2024 Conference Call Details DATE: Thursday, October 24, 2024 TIME: 8:00 a.m. Pacific Time10:00 a.m. Central Time11:00 a.m. Eastern Time DIAL-IN: (877) 407-0792 (U.S. and Canada)(201) 6
- Net sales of $3.64 billion with tons sold up 4.0% from Q1 2024 - Gross profit margin of 29.8% - EPS of $4.67, non-GAAP EPS of $4.65 - Cash flow from operations of $366.3 million - $519.3 million of share repurchases in Q2 and $165.4 million in July - Completed acquisition of American Alloy Steel, Inc. on April 1, 2024 - Completed acquisition of Mid-West Materials, Inc. on April 1, 2024 SCOTTSDALE, Ariz., July 25, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) today reported its financial results for the second quarter ended June 30, 2024. (in millions, except tons which are in thousands and per share amounts)
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SCOTTSDALE, Ariz., Oct. 02, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) today announced the appointment of James K. Kamsickas, 57, to serve as an independent director. Mr. Kamsickas' term took effect on October 1, 2024 and will expire at the Company's 2025 Annual Meeting of Stockholders. Following the appointment of Mr. Kamsickas, Reliance's Board will be comprised of nine members, eight of whom are independent. "We are very excited to welcome Jim to Reliance's Board of Directors and look forward to his contributions as we continue to execute Reliance's strategy and generate industry-leading results," said Mark Kaminski, Chairman of Reliance's Board of Directors. "Jim's strategic le
LOS ANGELES, Oct. 06, 2021 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE:RS) today announced the appointment of Frank J. Dellaquila, 64, to serve as an independent director. Mr. Dellaquila's term took effect on October 5, 2021 and will expire at the 2022 Annual Meeting of Stockholders. Mr. Dellaquila will serve on Reliance's Audit Committee and the Board has designated him as an audit committee financial expert. Following the appointment of Mr. Dellaquila, Reliance's Board will be comprised of 12 members, 10 of whom are independent. "We are very excited to welcome Frank to Reliance's Board of Directors and look forward to his contributions as we continue to execute Reliance's
− Karla Lewis appointed to Board of Directors and promoted to President− Arthur Ajemyan promoted to Vice President, Chief Financial Officer− David Hannah retiring from Board of Directors at 2021 Annual Meeting of Stockholders LOS ANGELES, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE: RS) announced today that Karla R. Lewis has been promoted to President and appointed to the Company’s Board of Directors consistent with the Board’s executive leadership succession plan. Mark Kaminski, Chairman of the Board of Reliance, commented, “The promotion of Karla Lewis to President as well as her appointment to the Board marks another important step in the Reliance Board
For Immediate Release: September 24, 2024 Today, the U.S. Food and Drug Administration is providing an at-a-glance summary of news from around the agency: Today, the FDA held a ribbon-cutting ceremony to highlight the completion of the 64,000 square foot expansion and renovation of the National Forensic Chemistry Center (NFCC) located in Cincinnati, Ohio. The goal of this revitalization effort was to impro
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SC 13G/A - RELIANCE STEEL & ALUMINUM CO (0000861884) (Subject)
SC 13G/A - RELIANCE STEEL & ALUMINUM CO (0000861884) (Subject)