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

Reliance, Inc. (NYSE:RS) announced a quarterly dividend on Friday, April 26th, Wall Street Journal reports. Investors of record on Friday, May 24th will be given a dividend of 1.10 per share by the industrial products company on Friday, June 7th. This represents a $4.40 dividend on an annualized basis and a 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% annually over the last three years and has increased its dividend annually for the last 14 consecutive years.

Reliance Stock Down 0.5 %

RS traded down $1.51 during trading on Friday, reaching $290.62. 442,107 shares of the stock traded hands, compared to its average volume of 248,270. Reliance has a fifty-two week low of $229.12 and a fifty-two week high of $342.20. The stock’s 50-day simple moving average is $324.88 and its two-hundred day simple moving average is $291.41. The stock has a market cap of $16.69 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 5.52 and a beta of 0.87. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.66 and a quick ratio of 3.23.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $3.76 billion. During the same period in the prior year, the firm earned $6.37 EPS. Reliance’s quarterly revenue was down 8.1% on a year-over-year basis. As a group, equities research analysts expect that Reliance will post 19.51 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the sale, the chief executive officer now directly owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director James Donald Hoffman sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total value of $12,918,000.00. Following the transaction, the director now directly owns 54,042 shares of the company’s stock, valued at approximately $17,452,863.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at $26,963,809.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 85,996 shares of company stock valued at $27,603,878. 0.69% of the stock is currently owned by corporate insiders.

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.