Dark Forest Capital Management LP Has $792,000 Stock Position in Reliance, Inc. (NYSE:RS)

Dark Forest Capital Management LP grew its stake in Reliance, Inc. (NYSE:RS) by 100.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,773 shares of the industrial products company’s stock after buying an additional 1,391 shares during the quarter. Dark Forest Capital Management LP’s holdings in Reliance were worth $792,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Wellington Management Group LLP lifted its position in Reliance by 2.3% in the 4th quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock valued at $342,405,000 after acquiring an additional 27,074 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Reliance by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after purchasing an additional 53,747 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Reliance by 20.8% during the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock worth $358,270,000 after buying an additional 184,509 shares during the period. First Trust Advisors LP grew its holdings in shares of Reliance by 7.9% during the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock worth $247,746,000 after buying an additional 64,895 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Reliance by 13.3% in the 2nd quarter. Principal Financial Group Inc. now owns 394,793 shares of the industrial products company’s stock valued at $112,753,000 after buying an additional 46,259 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RS. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research note on Friday, July 26th. KeyCorp decreased their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research report on Wednesday, July 3rd. Finally, Bank of America cut their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $329.40.

Reliance Price Performance

NYSE:RS opened at $289.99 on Friday. Reliance, Inc. has a 12-month low of $237.14 and a 12-month high of $342.20. The firm has a market capitalization of $16.65 billion, a price-to-earnings ratio of 13.54 and a beta of 0.85. The stock’s 50 day moving average price is $285.10 and its two-hundred day moving average price is $297.16. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.08). The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. Reliance’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company earned $6.49 earnings per share. On average, analysts anticipate that Reliance, Inc. will post 17.21 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 annualized dividend and a yield of 1.52%. Reliance’s payout ratio is currently 20.55%.

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.