Reliance, Inc. (NYSE:RS) Plans $1.10 Quarterly Dividend

by · The Cerbat Gem

Reliance, Inc. (NYSE:RS – Get Free Report) announced a quarterly dividend on Tuesday, October 22nd,Wall Street Journal reports. Investors of record on Friday, November 22nd will be given a dividend of 1.10 per share by the industrial products company on Friday, December 6th. This represents a $4.40 annualized dividend and a yield of 1.41%. The ex-dividend date is Friday, November 22nd.

Reliance has raised its dividend payment by an average of 17.0% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Reliance has a payout ratio of 25.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Reliance to earn $16.57 per share next year, which means the company should continue to be able to cover its $4.40 annual dividend with an expected future payout ratio of 26.6%.

Reliance Price Performance

NYSE RS traded up $2.00 during trading on Wednesday, hitting $311.03. 28,981 shares of the company’s stock were exchanged, compared to its average volume of 319,700. The company has a market cap of $16.83 billion, a PE ratio of 16.97 and a beta of 0.85. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. Reliance has a fifty-two week low of $261.77 and a fifty-two week high of $342.20. The stock’s 50 day moving average price is $292.84 and its two-hundred day moving average price is $290.29.

Reliance (NYSE:RS – Get Free Report) last announced its quarterly 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). The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period last year, the firm posted $5.00 earnings per share. Research analysts expect that Reliance will post 16.45 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on RS shares. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research report on Friday, July 26th. KeyCorp reduced their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Finally, BMO Capital Markets dropped their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One 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. According to data from MarketBeat.com, Reliance currently has a consensus rating of “Hold” and a consensus target price of $326.40.

Get Our Latest Report on Reliance

Insider Buying and Selling

In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the transaction, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,832 shares of company stock valued at $5,595,881 over the last ninety days. 0.69% of the stock is owned by corporate insiders.

Reliance Company Profile

(Get Free Report)

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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