Reliance, Inc. to Issue Quarterly Dividend of $1.10 (NYSE:RS)

Reliance, Inc. (NYSE:RS) declared a quarterly dividend on Tuesday, October 22nd,Wall Street Journal reports. Stockholders of record on Friday, November 22nd will be paid 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 dividend yield of 1.41%. The ex-dividend date of this dividend is Friday, November 22nd.

Reliance has raised its dividend payment by an average of 17.0% annually over the last three years and has raised its dividend every year for the last 14 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 Stock Up 0.8 %

RS traded up $2.60 during trading on Wednesday, hitting $311.63. The company had a trading volume of 15,447 shares, compared to its average volume of 319,640. The company has a market cap of $16.87 billion, a PE ratio of 16.97 and a beta of 0.85. The business has a 50-day moving average of $292.84 and a 200-day moving average of $290.29. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. Reliance has a 1-year low of $261.77 and a 1-year high of $342.20.

Reliance (NYSE:RS) last posted 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 during the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the company earned $5.00 earnings per share. As a group, analysts forecast that Reliance will post 16.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,832 shares of company stock valued at $5,595,881. Company insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on RS. BMO Capital Markets cut their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. KeyCorp dropped 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, Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Reliance has a consensus rating of “Hold” and an average price target of $326.40.

Reliance Company Profile

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.