Reliance, Inc. (NYSE:RS) Plans Quarterly Dividend of $1.20

Reliance, Inc. (NYSE:RS) declared a quarterly dividend on Wednesday, February 19th,RTT News reports. Stockholders of record on Friday, March 7th will be paid a dividend of 1.20 per share by the industrial products company on Friday, March 21st. This represents a $4.80 annualized dividend and a dividend yield of 1.63%. This is a boost from Reliance’s previous quarterly dividend of $1.10.

Reliance has increased its dividend by an average of 17.0% per year over the last three years and has increased its dividend every year for the last 14 years. Reliance has a payout ratio of 24.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Reliance to earn $16.98 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 25.9%.

Reliance Stock Down 1.9 %

Shares of RS traded down $5.61 on Wednesday, reaching $293.77. The company’s stock had a trading volume of 531,293 shares, compared to its average volume of 411,763. 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 twelve month low of $256.98 and a twelve month high of $342.20. The stock has a market capitalization of $15.90 billion, a PE ratio of 16.13 and a beta of 0.91. The firm has a fifty day moving average of $281.97 and a 200-day moving average of $289.04.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the sale, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.69% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

RS has been the topic of a number of analyst reports. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. BMO Capital Markets lowered their target price 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. The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price on the stock. Finally, KeyCorp lowered their target price on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a report on Wednesday, January 22nd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $328.17.

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.