Reliance, Inc. (NYSE:RS – Get Free Report) announced a quarterly dividend on Friday, October 25th, Wall Street Journal reports. Stockholders of record on Friday, November 22nd will be given a dividend of 1.10 per share by the industrial products company on Friday, December 6th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Friday, November 22nd.
Reliance has raised its dividend by an average of 17.0% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Reliance has a dividend payout ratio of 24.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Reliance to earn $17.30 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 25.4%.
Reliance Stock Down 3.5 %
Shares of RS traded down $10.25 during midday trading on Friday, reaching $283.55. 208,741 shares of the stock were exchanged, compared to its average volume of 318,949. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20. The firm has a 50 day simple moving average of $283.60 and a 200-day simple moving average of $291.55. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The company has a market cap of $15.60 billion, a price-to-earnings ratio of 14.64 and a beta of 0.85.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on RS. KeyCorp lowered their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a report on Friday, July 26th. Finally, BMO Capital Markets lowered their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Reliance currently has an average rating of “Hold” and an average price target of $326.40.
Read Our Latest Research Report on Reliance
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.
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