Reliance Steel (RS) has been a reliable force in my portfolio for a long time. The story is pretty straightforward. The company is a long-term consolidator in a fragmented industry and applies conservative financial management to deal with the fluctuations, which it experiences in end markets, despite a diversified customer base.
Shares have recently hit a record high after a very strong 2017 results and prospects for another record year in 2018, making me a happy holder of the stock.
Nearly 80 Years Of Consolidation
Reliance Steel has been founded in 1939, and since 1994, investors have had the opportunity to share in its continued success. That success has been great as shares traded around split-adjusted prices of just $2 at the time of the IPO, which means that investors have increased their investment by a factor of 50 times in less than 25 years. In fact, the annual dividend today is equivalent to the levels at which shares traded at after the company went public.
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- [By Lisa Levin]
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- [By Monica Gerson]
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