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

Reliance, Inc. (NYSE:RS) declared a quarterly dividend on Friday, April 26th, Wall Street Journal reports. Stockholders of record on Friday, May 24th will be paid a dividend of 1.10 per share by the industrial products company on Friday, June 7th. This represents a $4.40 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Thursday, May 23rd.

Reliance has increased its dividend payment by an average of 17.0% per year over the last three years and has raised its dividend every year for the last 14 years.

Reliance Price Performance

Shares of Reliance stock traded down $1.51 during trading hours on Friday, hitting $290.62. The company’s stock had a trading volume of 442,107 shares, compared to its average volume of 248,270. Reliance has a 12-month low of $229.12 and a 12-month high of $342.20. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66. The business has a 50 day moving average price of $324.88 and a two-hundred day moving average price of $291.41. The company has a market cap of $16.69 billion, a PE ratio of 12.85, a PEG ratio of 5.52 and a beta of 0.87.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a return on equity of 17.53% and a net margin of 9.02%. The company had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the previous year, the firm earned $6.37 earnings per share. The company’s revenue was down 8.1% compared to the same quarter last year. Analysts expect that Reliance will post 19.51 earnings per share for the current fiscal year.

Insider Activity at Reliance

In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the sale, the chief financial officer now owns 15,577 shares in the company, valued at $5,030,592.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the sale, the chief financial officer now owns 15,577 shares in the company, valued at $5,030,592.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the sale, the chief executive officer now owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 85,996 shares of company stock worth $27,603,878. Company insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. BMO Capital Markets dropped their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday. KeyCorp boosted their price target on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Finally, Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and boosted their price target for the company from $280.00 to $380.00 in a report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $362.33.

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.