Reliance (NYSE:RS) Sets New 1-Year High - Here's Why

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

Reliance Stock Performance

The firm's 50 day simple moving average is $307.21 and its 200-day simple moving average is $291.33. 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 company has a market capitalization of $17.47 billion, a price-to-earnings ratio of 23.81, a P/E/G ratio of 1.47 and a beta of 0.89.

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

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend was Friday, May 23rd. Reliance's dividend payout ratio is currently 34.41%.

Hedge Funds Weigh In On Reliance

Several institutional investors and hedge funds have recently modified their holdings of RS. Jones Financial Companies Lllp grew its holdings in shares of Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock valued at $89,000 after acquiring an additional 304 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Reliance by 13.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 651 shares of the industrial products company's stock worth $175,000 after purchasing an additional 79 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Reliance in the fourth quarter worth $7,352,000. Raymond James Financial Inc. bought a new stake in Reliance in the fourth quarter worth $20,640,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Reliance by 2.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,660 shares of the industrial products company's stock worth $2,332,000 after purchasing an additional 245 shares in the last quarter. 79.26% of the stock is currently owned by hedge funds and other 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.