The Reliance Worldwide Corporation Aus P Ltd (ASX: RWC) share price hit a new 52-week high of $3.68 yesterday afternoon.
Shares of the plumbing manufacturing company are up 25% since their debut in April 2016, and up 17% in the past 12 months.
According to Google Finance, Reliance Worldwide Corporation (Aust.) Pty Ltd is a global provider of water control systems and plumbing solutions for domestic, commercial and industrial applications. The Company develops, assembles and delivers plumbing solutions to businesses and households across Australia and New Zealand through these product lines. The Company is headquartered in Brisbane. The company is best known for its Sharkbite push-to-connect (PTC) plumbing fittings.
Shares jumped higher after the company announced the completion of an acquisition, and fund managers Challenger Ltd (ASX:CGF) and Macquarie Group Ltd (ASX:MQG) took a significant position in the company.
At a share price of $3.68, Reliance Worldwide shares trade on 31 times full year forecast profit, and pay a forecast dividend yield of approximately 2%.
