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

Reliance, Inc. (NYSE:RS - Get Free Report) declared a quarterly dividend on Tuesday, February 18th, RTT News reports. Investors of record on Friday, March 7th will be given 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 yield of 1.59%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Reliance's previous quarterly dividend of $1.10.

Reliance has raised its dividend payment by an average of 17.0% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Reliance has a dividend payout ratio of 25.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Reliance to earn $18.12 per share next year, which means the company should continue to be able to cover its $4.80 annual dividend with an expected future payout ratio of 26.5%.

Reliance Price Performance

RS stock traded down $1.60 during mid-day trading on Friday, hitting $301.06. The company had a trading volume of 531,353 shares, compared to its average volume of 428,969. The company has a 50-day moving average price of $281.93 and a 200 day moving average price of $289.29. Reliance has a 12-month low of $256.98 and a 12-month high of $342.20. The company has a market capitalization of $16.29 billion, a price-to-earnings ratio of 19.50 and a beta of 0.91. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a net margin of 6.33% and a return on equity of 11.71%. The firm had revenue of $3.13 billion for the quarter, compared to analysts' expectations of $3.04 billion. On average, research analysts anticipate that Reliance will post 16.98 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Karla R. Lewis sold 3,892 shares of the business's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction 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. The trade was a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.69% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on RS shares. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, January 8th. KeyCorp decreased their target price on shares of Reliance from $325.00 to $321.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 22nd. The Goldman Sachs Group assumed coverage on Reliance in a research report on Monday, December 2nd. They issued a "neutral" rating and a $341.00 price target for the company. Finally, BMO Capital Markets decreased their price objective on Reliance from $340.00 to $330.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average 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.