Reliance, Inc. (NYSE:RS – Get Free Report) announced a quarterly dividend on Thursday, July 25th, Wall Street Journal reports. Stockholders of record on Friday, August 16th will be paid a dividend of 1.10 per share by the industrial products company on Friday, August 30th. This represents a $4.40 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Friday, August 16th.
Reliance has raised its dividend payment by an average of 17.0% annually over the last three years and has increased its dividend every year for the last 14 years. Reliance has a payout ratio of 23.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Reliance to earn $18.16 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 24.2%.
Reliance Price Performance
Shares of RS stock opened at $304.05 on Friday. The stock’s fifty day moving average is $291.32 and its 200-day moving average is $302.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.21 and a current ratio of 5.02. The stock has a market capitalization of $17.46 billion, a PE ratio of 14.20 and a beta of 0.86. Reliance has a 52 week low of $237.14 and a 52 week high of $342.20.
Wall Street Analyst Weigh In
RS has been the topic of several recent research reports. Bank of America decreased their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Wolfe Research cut 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. KeyCorp decreased their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and increased their target price for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Finally, BMO Capital Markets cut their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $329.40.
Check Out Our Latest Stock Analysis on Reliance
Insider Buying and Selling at Reliance
In other news, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the sale, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the sale, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $290.04, for a total value of $1,450,200.00. Following the completion of the sale, the director now directly owns 44,042 shares in the company, valued at approximately $12,773,941.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,421 shares of company stock valued at $11,866,855. 0.69% of the stock is currently owned by company insiders.
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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