Reliance, Inc. (NYSE:RS – Get Free Report) announced a quarterly dividend on Tuesday, October 20th. Investors of record on Friday, November 20th will be paid a dividend of $1.25 per share by the industrial products company on Friday, December 4th. This represents a $5.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, November 20th.
Reliance has increased its dividend by an average of 0.1% per year over the last three years and has raised its dividend annually for the last 15 consecutive years. Reliance has a dividend payout ratio of 25.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Reliance to earn $23.69 per share next year, which means the company should continue to be able to cover its $5.00 annual dividend with an expected future payout ratio of 21.1%.
Reliance Trading Up 0.7%
NYSE RS traded up $2.90 during trading hours on Thursday, reaching $423.98. The company had a trading volume of 105,062 shares, compared to its average volume of 340,179. The company has a current ratio of 4.30, a quick ratio of 2.27 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $21.65 billion, a P/E ratio of 24.60, a price-to-earnings-growth ratio of 0.96 and a beta of 0.95. The stock has a 50-day moving average of $397.92 and a 200 day moving average of $384.60. Reliance has a 1-year low of $260.31 and a 1-year high of $435.00.
Reliance (NYSE:RS – Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share for the quarter, beating analysts’ consensus estimates of $6.83 by $1.19. The business had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Reliance had a net margin of 5.65% and a return on equity of 12.51%. The business’s revenue for the quarter was up 42.8% on a year-over-year basis. During the same period last year, the business earned $3.64 earnings per share. As a group, research analysts anticipate that Reliance will post 23.70 earnings per share for the current fiscal year.
Insider Activity
In other news, SVP William A. Smith II sold 2,353 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total value of $974,636.13. Following the completion of the transaction, the senior vice president owned 19,394 shares of the company’s stock, valued at approximately $8,033,188.74. This trade represents a 10.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Arthur Ajemyan sold 2,200 shares of Reliance stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $410.11, for a total transaction of $902,242.00. Following the completion of the transaction, the chief financial officer owned 14,640 shares of the company’s stock, valued at $6,004,010.40. This trade represents a 13.06% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.40% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Reliance
Several large investors have recently added to or reduced their stakes in RS. Costello Asset Management INC purchased a new position in Reliance in the 1st quarter valued at approximately $30,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Reliance during the second quarter worth $37,000. Osterweis Capital Management Inc. purchased a new stake in shares of Reliance during the second quarter worth $41,000. Reyes Financial Architecture Inc. acquired a new stake in shares of Reliance in the third quarter valued at $43,000. Finally, Compass Financial Management LLC acquired a new stake in shares of Reliance in the second quarter valued at $46,000. 79.26% of the stock is owned by hedge funds and other institutional investors.
Reliance Company Profile
Reliance, Inc (NYSE: RS) is a diversified metals service center company that supplies processed metal products and related services to industrial manufacturers, fabricators, and other commercial customers. Its product offerings include carbon steel, stainless steel, aluminum, copper, brass, and other specialty metals.
The company provides value-added processing services such as cutting, slitting, leveling, blanking, machining, forming, and precision sawing. These services allow customers to purchase metals in customized sizes and specifications, helping reduce their need for in-house processing and inventory management.
Founded in 1939, Reliance serves a broad range of industries, including nonresidential construction, transportation, aerospace and defense, energy, electronics, machinery, and general manufacturing.
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