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

Corebridge Financial Inc. decreased its position in Reliance, Inc. (NYSE:RS - Free Report) by 5.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,236 shares of the industrial products company's stock after selling 3,838 shares during the period. Corebridge Financial Inc. owned 0.11% of Reliance worth $16,488,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in shares of Reliance in the 4th quarter valued at about $7,352,000. Toronto Dominion Bank lifted its holdings in Reliance by 26.7% in the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company's stock valued at $2,371,000 after buying an additional 1,729 shares during the period. Pure Financial Advisors LLC boosted its stake in Reliance by 232.9% in the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company's stock valued at $2,499,000 after acquiring an additional 6,493 shares during the last quarter. World Investment Advisors LLC acquired a new stake in Reliance during the 3rd quarter worth $4,600,000. Finally, Swedbank AB grew its holdings in Reliance by 38.4% during the 3rd quarter. Swedbank AB now owns 42,881 shares of the industrial products company's stock worth $12,402,000 after acquiring an additional 11,887 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Performance

RS stock traded down $7.48 during trading hours on Friday, reaching $286.34. The stock had a trading volume of 297,053 shares, compared to its average volume of 388,902. The stock has a 50-day simple moving average of $289.01 and a 200 day simple moving average of $290.51. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The stock has a market capitalization of $15.17 billion, a PE ratio of 18.55 and a beta of 0.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58.

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Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 EPS for the quarter, missing analysts' consensus estimates of $2.74 by ($0.52). The business had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. Analysts predict that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a dividend of $1.20 per share. The ex-dividend date was Friday, March 7th. This is a positive change from Reliance's previous quarterly dividend of $1.10. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.68%. Reliance's payout ratio is presently 31.09%.

Insider Activity at Reliance

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $300.52, for a total value 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 $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.69% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of Reliance in a report on Monday, December 2nd. They issued a "neutral" rating and a $341.00 price target for the company. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. Finally, KeyCorp lifted their price target on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Reliance has an average rating of "Hold" and an average target price of $329.17.

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.