Reliance Steel & Aluminum Co (NYSE:RS) declared a quarterly dividend on Tuesday, July 23rd, Zacks reports. Investors of record on Friday, August 16th will be given a dividend of 0.55 per share by the industrial products company on Friday, September 6th. This represents a $2.20 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Thursday, August 15th.
Reliance Steel & Aluminum has raised its dividend payment by an average of 7.7% annually over the last three years and has increased its dividend annually for the last 8 consecutive years. Reliance Steel & Aluminum has a dividend payout ratio of 22.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Reliance Steel & Aluminum to earn $8.53 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 25.8%.
Reliance Steel & Aluminum stock traded up $2.42 during mid-day trading on Tuesday, reaching $99.92. The company’s stock had a trading volume of 77,242 shares, compared to its average volume of 562,949. The stock has a market cap of $6.56 billion, a P/E ratio of 11.18, a price-to-earnings-growth ratio of 1.18 and a beta of 1.29. Reliance Steel & Aluminum has a 12 month low of $68.62 and a 12 month high of $105.25. The firm’s 50 day simple moving average is $95.37. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.42 and a quick ratio of 2.08.
In other Reliance Steel & Aluminum news, VP Arthur Ajemyan sold 3,200 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $101.61, for a total value of $325,152.00. Following the completion of the sale, the vice president now owns 7,544 shares in the company, valued at $766,545.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.43% of the company’s stock.
A number of research analysts recently weighed in on the stock. Bank of America reaffirmed a “neutral” rating and issued a $98.00 target price on shares of Reliance Steel & Aluminum in a research report on Friday, May 31st. Longbow Research downgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price for the company. in a research report on Thursday, April 18th. KeyCorp raised their target price on shares of Reliance Steel & Aluminum from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Citigroup set a $104.00 price target on shares of Reliance Steel & Aluminum and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, Zacks Investment Research upgraded shares of Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $108.00 price target for the company in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $100.00.
Reliance Steel & Aluminum Company Profile
Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.
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