Dark Forest Capital Management LP Lowers Position in Reliance, Inc. (NYSE:RS)

Dark Forest Capital Management LP reduced its position in Reliance, Inc. (NYSE:RS - Free Report) by 51.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,049 shares of the industrial products company's stock after selling 2,129 shares during the period. Dark Forest Capital Management LP's holdings in Reliance were worth $552,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Versant Capital Management Inc raised its holdings in shares of Reliance by 157.8% in the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company's stock worth $58,000 after purchasing an additional 131 shares during the period. Transce3nd LLC purchased a new stake in shares of Reliance in the 4th quarter valued at about $58,000. Jones Financial Companies Lllp raised its stake in Reliance by 1,216.0% in the fourth quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock valued at $89,000 after purchasing an additional 304 shares in the last quarter. Providence First Trust Co bought a new stake in shares of Reliance during the 4th quarter worth $90,000. Finally, UMB Bank n.a. boosted its stake in Reliance by 41.8% in the fourth quarter. UMB Bank n.a. now owns 353 shares of the industrial products company's stock worth $95,000 after buying an additional 104 shares in the last quarter. Institutional investors own 79.26% of the company's stock.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the sale, the chief executive officer now owns 90,230 shares of the company's stock, valued at $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.35% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RS shares. Wolfe Research upgraded shares of Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. KeyCorp boosted their price target on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $319.00.

Reliance Stock Up 0.6 %

NYSE:RS traded up $1.81 during trading hours on Thursday, reaching $290.04. 43,072 shares of the company traded hands, compared to its average volume of 398,478. The business's 50-day moving average price is $282.73 and its two-hundred day moving average price is $289.52. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $15.34 billion, a P/E ratio of 18.78 and a beta of 0.83. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, topping analysts' consensus estimates of $3.66 by $0.11. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The company had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.44 billion. During the same period in the previous year, the business earned $5.30 EPS. The firm's revenue for the quarter was down 4.4% on a year-over-year basis. Analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 23rd will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance's payout ratio is presently 34.41%.

Reliance Company Profile

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.