Corebridge Financial Inc. Sells 3,838 Shares of Reliance, Inc. (NYSE:RS)

Corebridge Financial Inc. lowered its stake in Reliance, Inc. (NYSE:RS) by 5.9% during the fourth quarter, Holdings Channel reports. The firm owned 61,236 shares of the industrial products company’s stock after selling 3,838 shares during the period. Corebridge Financial Inc.’s holdings in Reliance were worth $16,488,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pacer Advisors Inc. increased its holdings in Reliance by 6,311.2% in the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock valued at $219,841,000 after buying an additional 803,730 shares during the period. Principal Financial Group Inc. boosted its position in shares of Reliance by 53.5% during the 4th quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock worth $195,402,000 after acquiring an additional 252,955 shares in the last quarter. Boston Partners boosted its position in shares of Reliance by 7.6% during the 4th quarter. Boston Partners now owns 716,280 shares of the industrial products company’s stock worth $192,894,000 after acquiring an additional 50,528 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Reliance by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 503,400 shares of the industrial products company’s stock valued at $135,546,000 after acquiring an additional 25,750 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Reliance by 1,127.9% during the fourth quarter. American Century Companies Inc. now owns 426,986 shares of the industrial products company’s stock valued at $114,971,000 after purchasing an additional 392,213 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Price Performance

Shares of RS opened at $287.68 on Tuesday. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. The stock has a market cap of $15.24 billion, a PE ratio of 18.63 and a beta of 0.87. Reliance, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20. The business has a 50-day simple moving average of $288.33 and a two-hundred day simple moving average of $290.08.

Reliance (NYSE:RS) last released its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The firm had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.04 billion. Analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.80 annualized dividend and a dividend yield of 1.67%. This is an increase from Reliance’s previous quarterly dividend of $1.10. Reliance’s dividend payout ratio (DPR) is presently 31.09%.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the transaction, the chief executive officer now directly owns 90,230 shares in the company, valued at $27,115,919.60. This trade represents a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.69% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RS has been the topic of several recent analyst reports. KeyCorp lifted their price target on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, The Goldman Sachs Group started coverage on Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price for the company. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $329.17.

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.