Reliance Steel & Aluminum Co (RS) Announces Quarterly Dividend of $0.50
Reliance Steel & Aluminum Co (NYSE:RS) announced a quarterly dividend on Friday, February 16th, Wall Street Journal reports. Investors of record on Friday, March 16th will be paid a dividend of 0.50 per share by the industrial products company on Friday, March 30th. This represents a $2.00 annualized dividend and a yield of 2.14%. The ex-dividend date is Thursday, March 15th. This is an increase from Reliance Steel & Aluminum’s previous quarterly dividend of $0.45.
Reliance Steel & Aluminum has increased its dividend by an average of 8.7% per year over the last three years and has raised its dividend every year for the last 7 years. Reliance Steel & Aluminum has a dividend payout ratio of 34.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Reliance Steel & Aluminum to earn $7.58 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 23.7%.
Shares of Reliance Steel & Aluminum (NYSE:RS) opened at $93.29 on Wednesday. The firm has a market cap of $6,835.83, a PE ratio of 17.25, a P/E/G ratio of 1.54 and a beta of 1.17. Reliance Steel & Aluminum has a 52-week low of $68.46 and a 52-week high of $95.97. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.34 and a quick ratio of 1.88.
In other news, Director Thomas W. Gimbel sold 6,000 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $92.31, for a total value of $553,860.00. Following the transaction, the director now owns 1,726,425 shares of the company’s stock, valued at approximately $159,366,291.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gregg J. Mollins sold 30,332 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $92.83, for a total transaction of $2,815,719.56. Following the completion of the transaction, the insider now directly owns 201,895 shares in the company, valued at approximately $18,741,912.85. The disclosure for this sale can be found here. Insiders have sold a total of 58,322 shares of company stock worth $5,431,021 over the last 90 days. 3.18% of the stock is owned by insiders.
RS has been the topic of several recent research reports. Clarkson Capital reiterated a “buy” rating on shares of Reliance Steel & Aluminum in a research report on Wednesday, November 15th. ValuEngine upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. KeyCorp restated a “buy” rating and set a $84.00 price target on shares of Reliance Steel & Aluminum in a research report on Thursday, December 7th. Bank of America set a $97.00 price target on shares of Reliance Steel & Aluminum and gave the stock a “buy” rating in a research report on Monday, January 8th. Finally, Zacks Investment Research downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research report on Monday, January 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. Reliance Steel & Aluminum presently has a consensus rating of “Buy” and a consensus target price of $86.33.
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About Reliance Steel & Aluminum
Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).
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