RLI Corp. (NYSE:RLI) Stock Position Lowered by Millennium Management LLC

Millennium Management LLC decreased its holdings in RLI Corp. (NYSE:RLI - Free Report) by 79.3% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 27,996 shares of the insurance provider's stock after selling 107,073 shares during the period. Millennium Management LLC's holdings in RLI were worth $4,615,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of RLI during the fourth quarter worth about $80,476,000. Wellington Management Group LLP raised its holdings in shares of RLI by 580.4% during the 4th quarter. Wellington Management Group LLP now owns 415,247 shares of the insurance provider's stock valued at $68,445,000 after buying an additional 354,219 shares during the period. Geode Capital Management LLC raised its holdings in shares of RLI by 12.8% during the 4th quarter. Geode Capital Management LLC now owns 1,024,518 shares of the insurance provider's stock valued at $168,907,000 after buying an additional 116,088 shares during the period. Raymond James Financial Inc. acquired a new position in RLI during the 4th quarter worth approximately $17,854,000. Finally, Balyasny Asset Management L.P. boosted its holdings in RLI by 326.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 111,940 shares of the insurance provider's stock worth $18,451,000 after acquiring an additional 85,719 shares during the period. Institutional investors and hedge funds own 77.89% of the company's stock.

Insider Buying and Selling at RLI

In related news, Director Robert P. Restrepo, Jr. sold 2,864 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $74.89, for a total value of $214,484.96. Following the completion of the transaction, the director now owns 23,312 shares in the company, valued at $1,745,835.68. This represents a 10.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jordan W. Graham sold 1,500 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $74.77, for a total transaction of $112,155.00. Following the sale, the director now owns 12,854 shares in the company, valued at $961,093.58. This trade represents a 10.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.16% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RLI shares. JMP Securities reiterated a "market perform" rating on shares of RLI in a research note on Thursday, April 24th. Keefe, Bruyette & Woods dropped their price target on shares of RLI from $95.00 to $85.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. Compass Point lowered shares of RLI from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Finally, Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, RLI currently has an average rating of "Hold" and an average price target of $78.60.

RLI Stock Up 0.7%

RLI traded up $0.55 during trading on Friday, hitting $76.85. The company had a trading volume of 336,523 shares, compared to its average volume of 367,199. The company has a market cap of $7.05 billion, a PE ratio of 20.52 and a beta of 0.72. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.34 and a quick ratio of 0.38. RLI Corp. has a 1-year low of $68.50 and a 1-year high of $91.15. The business has a 50-day moving average of $75.98 and a 200-day moving average of $78.44.

RLI (NYSE:RLI - Get Free Report) last released its earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.04. The company had revenue of $36.73 million for the quarter, compared to the consensus estimate of $442.20 million. RLI had a return on equity of 16.63% and a net margin of 19.53%. RLI's quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 EPS. As a group, analysts forecast that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, May 30th will be given a $0.16 dividend. This is a boost from RLI's previous quarterly dividend of $0.15. The ex-dividend date is Friday, May 30th. This represents a $0.64 annualized dividend and a yield of 0.83%. RLI's dividend payout ratio is 21.05%.

RLI Profile

RLI Corp., an insurance holding company, underwrites property and casualty insurance. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.