Shares of Russel Metals Inc. (TSE:RUS) were up 5.4% on Thursday following a dividend announcement from the company. The stock traded as high as C$28.14 and last traded at C$28.79. Approximately 844,868 shares were traded during trading, an increase of 515% from the average daily volume of 137,306 shares. The stock had previously closed at C$27.32.
The newly announced dividend which will be paid on Friday, December 15th. Investors of record on Monday, November 27th will be paid a dividend of $0.38 per share. The ex-dividend date is Friday, November 24th. This represents a $1.52 annualized dividend and a yield of 5.30%. Russel Metals’s payout ratio is 93.83%.
A number of equities analysts have commented on RUS shares. Scotiabank lifted their price target on shares of Russel Metals from C$31.00 to C$32.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. TD Securities lifted their price objective on shares of Russel Metals from C$30.00 to C$32.00 and gave the company a “buy” rating in a report on Friday, August 4th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of C$31.00.
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About Russel Metals
Russel Metals Inc is a metals distribution and processing company. The Company primarily distributes steel products. The Company operates through three segments: metals service centers, energy products and steel distributors. The Company provides processing and distribution services to a base of approximately 43,000 end users through a network of 50 locations in Canada and 14 locations in the United States.
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