Corebridge Financial Inc. Has $16.49 Million Position in Reliance, Inc. (NYSE:RS)

Corebridge Financial Inc. lessened its position in Reliance, Inc. (NYSE:RS) by 5.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 61,236 shares of the industrial products company’s stock after selling 3,838 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of Reliance worth $16,488,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. KLP Kapitalforvaltning AS bought a new stake in shares of Reliance in the fourth quarter worth $5,412,000. Sei Investments Co. increased its stake in Reliance by 59.0% in the 4th quarter. Sei Investments Co. now owns 51,857 shares of the industrial products company’s stock valued at $13,964,000 after buying an additional 19,245 shares during the last quarter. American Century Companies Inc. lifted its position in Reliance by 1,127.9% during the 4th quarter. American Century Companies Inc. now owns 426,986 shares of the industrial products company’s stock worth $114,971,000 after buying an additional 392,213 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in shares of Reliance by 22.2% during the 4th quarter. TD Private Client Wealth LLC now owns 3,444 shares of the industrial products company’s stock worth $927,000 after buying an additional 625 shares during the last quarter. Finally, Xponance Inc. grew its holdings in shares of Reliance by 5.3% in the 4th quarter. Xponance Inc. now owns 9,200 shares of the industrial products company’s stock valued at $2,477,000 after acquiring an additional 466 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 31,136 shares of the firm’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 transaction, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at approximately $27,115,919.60. This trade represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.69% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RS has been the topic of several analyst reports. The Goldman Sachs Group assumed coverage on Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. KeyCorp upped their price objective on Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Reliance has a consensus rating of “Hold” and a consensus price target of $329.17.

Reliance Trading Up 3.6 %

Shares of Reliance stock opened at $287.68 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58. The business has a fifty day simple moving average of $288.33 and a two-hundred day simple moving average of $290.08. Reliance, Inc. has a 1 year low of $256.98 and a 1 year high of $342.20. The company has a market capitalization of $15.24 billion, a price-to-earnings ratio of 18.63 and a beta of 0.87.

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

Reliance Increases Dividend

The company also recently announced 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 was Friday, March 7th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.67%. This is a positive change from Reliance’s previous quarterly dividend of $1.10. Reliance’s dividend payout ratio (DPR) is 31.09%.

Reliance 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.