Reliance (NYSE:RS) Reaches New 52-Week High - Time to Buy?

Reliance, Inc. (NYSE:RS - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $330.36 and last traded at $327.63, with a volume of 283345 shares trading hands. The stock had previously closed at $323.77.

Reliance Price Performance

The company has a market capitalization of $17.25 billion, a price-to-earnings ratio of 23.52, a P/E/G ratio of 1.48 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.58 and a current ratio of 3.17. The business has a 50 day moving average price of $307.83 and a 200-day moving average price of $291.87.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.66 by $0.11. The company had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.44 billion. Reliance had a return on equity of 10.77% and a net margin of 5.65%. The firm's revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the business earned $5.30 EPS. Research analysts predict that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date was Friday, May 23rd. Reliance's payout ratio is 34.41%.

Institutional Trading of Reliance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CX Institutional boosted its stake in Reliance by 15.2% during the 2nd quarter. CX Institutional now owns 6,243 shares of the industrial products company's stock valued at $1,960,000 after purchasing an additional 826 shares during the last quarter. UMB Bank n.a. boosted its stake in Reliance by 17.1% during the 2nd quarter. UMB Bank n.a. now owns 650 shares of the industrial products company's stock valued at $204,000 after purchasing an additional 95 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Reliance by 55.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 14,323 shares of the industrial products company's stock valued at $4,496,000 after purchasing an additional 5,087 shares during the last quarter. Fulton Bank N.A. boosted its stake in Reliance by 45.3% during the 2nd quarter. Fulton Bank N.A. now owns 2,499 shares of the industrial products company's stock valued at $784,000 after purchasing an additional 779 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Reliance by 46.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 50,266 shares of the industrial products company's stock valued at $16,435,000 after purchasing an additional 15,975 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

About Reliance

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.