RLI Corp (NYSE:RLI) Expected to Announce Quarterly Sales of $233.93 Million

Brokerages expect that RLI Corp (NYSE:RLI) will announce sales of $233.93 million for the current quarter, Zacks reports. Two analysts have issued estimates for RLI’s earnings, with estimates ranging from $231.40 million to $236.45 million. RLI posted sales of $228.79 million during the same quarter last year, which would indicate a positive year over year growth rate of 2.2%. The company is scheduled to report its next earnings report on Wednesday, October 21st.

On average, analysts expect that RLI will report full year sales of $931.55 million for the current financial year, with estimates ranging from $927.30 million to $935.80 million. For the next fiscal year, analysts expect that the business will report sales of $977.83 million, with estimates ranging from $934.60 million to $1.02 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that follow RLI.

RLI (NYSE:RLI) last announced its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.30. RLI had a return on equity of 12.03% and a net margin of 12.70%. The firm had revenue of $225.65 million during the quarter, compared to the consensus estimate of $233.31 million.

Several brokerages have weighed in on RLI. Royal Bank of Canada lowered their price objective on RLI from $91.00 to $85.00 and set a “sector perform” rating for the company in a research report on Thursday, April 23rd. TheStreet upgraded RLI from a “c” rating to a “b” rating in a report on Wednesday, July 22nd. B. Riley upped their target price on RLI from $89.00 to $100.00 in a report on Monday, June 15th. Finally, Zacks Investment Research upgraded RLI from a “hold” rating to a “strong-buy” rating and set a $104.00 target price for the company in a report on Wednesday. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $96.33.

In other RLI news, Director Michael J. Stone sold 1,360 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $80.39, for a total value of $109,330.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Stone sold 1,000 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $91.00, for a total value of $91,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,860 shares of company stock valued at $886,055. 5.06% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Comerica Bank raised its holdings in RLI by 6.2% in the second quarter. Comerica Bank now owns 24,613 shares of the insurance provider’s stock worth $2,061,000 after purchasing an additional 1,427 shares in the last quarter. State of Michigan Retirement System raised its holdings in RLI by 31.9% in the second quarter. State of Michigan Retirement System now owns 14,509 shares of the insurance provider’s stock worth $1,191,000 after purchasing an additional 3,509 shares in the last quarter. Sciencast Management LP purchased a new stake in shares of RLI in the second quarter worth $297,000. Raymond James & Associates grew its stake in shares of RLI by 77.9% in the second quarter. Raymond James & Associates now owns 83,891 shares of the insurance provider’s stock worth $6,887,000 after acquiring an additional 36,726 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of RLI by 48.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,654 shares of the insurance provider’s stock worth $382,000 after acquiring an additional 1,518 shares during the last quarter. Institutional investors and hedge funds own 84.13% of the company’s stock.

RLI stock traded down $1.47 during midday trading on Tuesday, hitting $88.13. The company had a trading volume of 352,012 shares, compared to its average volume of 211,289. The company has a current ratio of 0.38, a quick ratio of 0.36 and a debt-to-equity ratio of 0.14. RLI has a 52 week low of $66.02 and a 52 week high of $99.93. The stock’s 50 day moving average price is $82.46 and its 200 day moving average price is $83.30. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of 34.29 and a beta of 0.31.

RLI Company Profile

RLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. 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.

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Earnings History and Estimates for RLI (NYSE:RLI)

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