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Reliance, Inc. RS has entered into an amended and restated five-year unsecured revolving credit facility worth $1.5 billion. The company expects to use funds borrowed under the facility for general corporate purposes, growth and stockholder returns.
The company's improved financial health and upgraded credit ratings after the most recent renewal in 2020 have allowed it to secure more favorable pricing and fewer restrictive covenants. The company believes that this amended and restated credit agreement not only strengthens its already strong liquidity position but also increases its ability to continue pursuing its capital allocation strategies.
At the end of the second quarter of 2024, RS had $350.8 million in cash and cash equivalents while carrying $1.15 billion in total outstanding debt. In the quarter, RS generated cash flow from operations of $366.3 million.
Reliance’s shares have rallied 5.9% in the past year against a 9.6% fall of the industry.
Reliance, on its second-quarter call, said that it anticipates that underlying demand will remain relatively stable across most of the end markets it serves in third-quarter 2024. However, shipment levels are expected to be adversely impacted by normal seasonal patterns, including a decline in shipping volumes due to planned customer shutdowns and vacation schedules.
The company estimates that its tons sold will decline 2.5-4.5% in the third quarter of 2024 from the second-quarter tally but increase 4.5-6.5% year over year. The company expects its average selling price per ton sold in the third quarter to be down 2-4% from the second quarter due to lower prices for carbon steel products. It anticipates some pressure on its gross profit margin in the quarter. Based on these expectations, the company expects adjusted earnings per share to be in the range of $3.60-$3.80 for the third quarter of 2024.
Reliance, Inc. Price and Consensus
Reliance, Inc. price-consensus-chart | Reliance, Inc. Quote
Zacks Rank & Key Picks
RS currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN.
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 108.8% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO, a Zacks Rank #1 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 75.3% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from year-ago levels. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days. HWKN, a Zacks Rank #1 stock, has rallied around 94.9% in the past year.
Zacks Investment Research
Dow Inc. DOW recently launched a line of REVOLOOP Recycled Plastics Resins that incorporate post-consumer recycled (PCR) material into cable jacketing to meet the diverse needs and circularity objectives of customers throughout the world.
This latest addition to Dow's REVOLOOP Resins range focuses on a similar performance as virgin plastic material for cable jackets while providing sustainable benefits, representing a significant step forward in Dow's commitment to circularity.
Adopting PCR into wire and cable products helps divert plastic waste from landfills and the natural environment by introducing it into the circular ecosystem, highlighting Dow's goal of "Transform the Waste" by commercializing 3 million metric tons of circular and renewable solutions per year by 2030.
DOW expanded its sustainability offering by introducing REVOLOOP Resins for the global wire and cable industry, as well as assisting power and telecoms customers in achieving their own goals. This range of products, coupled with the company's unwavering dedication to quality and dependability, as well as the great value DOW places on safety, helps support its clients' approaches to PCR around the world.
Dow is contributing to a transformation in the processing and application of PCR ingredients by combining its extensive industry knowledge, cutting-edge technology development and dependability as a trusted one-stop-shop supplier for the wire and cable industry, providing customers with more global options to meet their goals.
Shares of DOW have lost 5.1% over the past year compared with a 7.1% decline of its industry.
Dow recently updated its third-quarter 2024 earnings guidance. It sees revenues of approximately $10.6 billion and operating EBITDA of about $1.3 billion. Dow stated that its revised outlook is mainly prompted by a major unexpected incident in late July at one of its ethylene crackers in Texas. The company is also dealing with higher input costs and margin pressures in Europe.
For the fourth quarter, Dow indicated that demand is expected to align with typical seasonal trends. It anticipates benefiting from lower turnaround costs, increased operating rates as the Texas cracker ramps up, and fewer weather-related disruptions in the U.S. Gulf Coast. Dow emphasized its commitment to maintaining strong operational and financial discipline while continuing to focus on long-term growth initiatives.
Dow Inc. Price and Consensus
Dow Inc. price-consensus-chart | Dow Inc. Quote
Zacks Rank & Key Picks
DOW currently carries a Zacks Rank #5 (Strong Sell).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN.
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 108.8% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO, a Zacks Rank #1 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 75.3% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from year-ago levels. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days. HWKN, a Zacks Rank #1 stock, has rallied around 94.9% in the past year.
Zacks Investment Research
Launched on 05/08/2007, the First Trust Materials AlphaDEX ETF (FXZ) is a passively managed exchange traded fund designed to provide a broad exposure to the Materials - Broad segment of the equity market.
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Materials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 15, placing it in bottom 6%.
Index Details
The fund is sponsored by First Trust Advisors. It has amassed assets over $335.44 million, making it one of the average sized ETFs attempting to match the performance of the Materials - Broad segment of the equity market. FXZ seeks to match the performance of the StrataQuant Materials Index before fees and expenses.
The StrataQuant Materials Index is a modified equal-dollar weighted index designed by the AMEX to objectively identify and select stocks from the Russell 1000 Index that may generate positive alpha relative to traditional passive style indices through the use of the AlphaDEX screening methodology.
Costs
Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.62%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.62%.
Sector Exposure and Top Holdings
While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Materials sector--about 88.70% of the portfolio. Industrials and Consumer Discretionary round out the top three.
Looking at individual holdings, United States Steel Corporation (X) accounts for about 5.36% of total assets, followed by Fmc Corporation (FMC) and Reliance Inc. (RS).
The top 10 holdings account for about 45.74% of total assets under management.
Performance and Risk
The ETF has lost about -6.77% so far this year and is up roughly 0.83% in the last one year (as of 09/17/2024). In that past 52-week period, it has traded between $58.78 and $72.04.
The ETF has a beta of 1.19 and standard deviation of 24.31% for the trailing three-year period, making it a medium risk choice in the space. With about 38 holdings, it has more concentrated exposure than peers.
Alternatives
First Trust Materials AlphaDEX ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, FXZ is a good option for those seeking exposure to the Materials ETFs area of the market. Investors might also want to consider some other ETF options in the space.
Materials Select Sector SPDR ETF (XLB) tracks Materials Select Sector Index and the FlexShares Morningstar Global Upstream Natural Resources ETF (GUNR) tracks Morningstar Global Upstream Natural Resources Index. Materials Select Sector SPDR ETF has $5.47 billion in assets, FlexShares Morningstar Global Upstream Natural Resources ETF has $5.46 billion. XLB has an expense ratio of 0.09% and GUNR charges 0.46%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
Hawkins, Inc.’s HWKN shares have surged 59.5% in the past six months against the industry’s decline of 24.1%. The S&P 500 rose 9.1% during the said time frame.
Let’s look at the factors driving the stock’s price appreciation.
What’s Driving Hawkins?
HWKN’s shares rallied on the back of strong fiscal first-quarter results and a positive outlook for its Water Treatment division. In first-quarter fiscal 2025, the company reported a solid 25% year-over-year sales growth in the Water Treatment segment, reaching $117.2 million. The upside was largely fueled by additional revenues from recent acquisitions.
HWKN demonstrates its commitment to expanding the company’s water treatment business. It acquired Industrial Research Corporation, a provider of water treatment chemicals and equipment serving central and northern Louisiana, eastern Texas and southern Arkansas. This acquisition aligns with Hawkins’ growth strategy in these regions, complementing the company’s existing operations and enhancing its market presence. HWKN also values the strong community relationships established by Industrial Research and is focused on maintaining and strengthening them.
The company bolstered its Water Treatment business with the acquisition of Wofford Water Service, which extends its reach in Mississippi. This strategic move supports HWKN's expansion in the southern United States, a key region where its Water Treatment business had been limited.
Hawkins' fiscal first-quarter results exceeded expectations, with earnings of $1.38 per share beating the Zacks Consensus Estimate of $1.01. HWKN beat on earnings in three of the trailing four quarters and missed in one, delivering an average surprise of 15%. The Zacks Consensus Estimate for fiscal 2025 earnings is pegged at $4.14 per share, indicating 15.3% year-over-year growth. In the past 90 days, the bottom-line estimate for the current fiscal year has seen a 15% upward revision.
Hawkins, Inc. Price and Consensus
Hawkins, Inc. price-consensus-chart | Hawkins, Inc. Quote
HWKN’s Zacks Rank & Other Key Picks
Hawkins currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the Basic Materials space are Carpenter Technology Corporation CRS and Eldorado Gold Corporation EGO, each currently sporting a Zacks Rank #1, and Axalta Coating Systems Ltd. AXTA, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s current year earnings is pegged at $6.06 per share, indicating a rise of 27.9% from the year-ago level. CRS’ earnings beat the consensus estimate in each of the trailing four quarters, the average earnings surprise being 15.9%. The stock has surged nearly 110.4% in the past year.
The Zacks Consensus Estimate for Eldorado Gold’s current year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO beat the consensus estimate in each of the trailing four quarters, with the average surprise being 430.3%. The company's shares have surged nearly 77.6% in the past year.
The Zacks Consensus Estimate for Axalta's current year earnings is pegged at $2.07, indicating a rise of 31.9% from the year-ago level. The Zacks Consensus Estimate for AXTA’s current year earnings has increased 4.5% in the past 60 days.The stock has rallied around 27.3% in the past year.
Zacks Investment Research
Sept 16 (Reuters) - Reliance Inc RS.N:
RELIANCE, INC. ANNOUNCES AMENDED AND RESTATED $1.5 BILLION CREDIT FACILITY
Source text for Eikon: (Full Story)
Further company coverage: RS.N
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