Retirement Systems of Alabama Boosts Stock Position in Regal Rexnord Co. (NYSE:RRX)

Retirement Systems of Alabama raised its holdings in Regal Rexnord Co. (NYSE:RRX) by 5.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,126 shares of the company’s stock after buying an additional 7,935 shares during the period. Retirement Systems of Alabama owned about 0.24% of Regal Rexnord worth $23,554,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its position in shares of Regal Rexnord by 80.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock worth $75,382,000 after acquiring an additional 226,435 shares in the last quarter. WCM Investment Management LLC raised its holdings in Regal Rexnord by 56.8% during the fourth quarter. WCM Investment Management LLC now owns 144,139 shares of the company’s stock worth $21,549,000 after purchasing an additional 52,214 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Regal Rexnord by 13.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 354,484 shares of the company’s stock worth $50,649,000 after buying an additional 42,110 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in shares of Regal Rexnord by 7.1% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 3,834 shares of the company’s stock valued at $548,000 after buying an additional 253 shares in the last quarter. Finally, UBS Group AG boosted its holdings in shares of Regal Rexnord by 58.8% in the 3rd quarter. UBS Group AG now owns 90,990 shares of the company’s stock valued at $13,001,000 after buying an additional 33,689 shares in the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, EVP Thomas E. Valentyn sold 647 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $169.70, for a total transaction of $109,795.90. Following the transaction, the executive vice president now owns 28,412 shares in the company, valued at approximately $4,821,516.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Thomas E. Valentyn sold 1,931 shares of Regal Rexnord stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total transaction of $320,719.79. Following the completion of the transaction, the executive vice president now directly owns 27,180 shares of the company’s stock, valued at $4,514,326.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Thomas E. Valentyn sold 647 shares of Regal Rexnord stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $169.70, for a total value of $109,795.90. Following the transaction, the executive vice president now directly owns 28,412 shares of the company’s stock, valued at approximately $4,821,516.40. The disclosure for this sale can be found here. Insiders sold a total of 5,570 shares of company stock worth $892,301 over the last 90 days. Company insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RRX. KeyCorp upped their price objective on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. Oppenheimer upped their target price on Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, March 13th. Finally, Barclays lifted their price target on Regal Rexnord from $200.00 to $203.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $197.00.

Regal Rexnord Trading Up 1.3 %

NYSE RRX opened at $166.26 on Tuesday. Regal Rexnord Co. has a 52-week low of $97.18 and a 52-week high of $183.85. The business’s 50-day moving average price is $170.03 and its 200 day moving average price is $145.14. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.55 and a quick ratio of 1.59.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Wednesday, February 7th. The company reported $2.28 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.02. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. The company’s revenue for the quarter was up 29.2% on a year-over-year basis. During the same period last year, the company earned $2.64 earnings per share. On average, sell-side analysts predict that Regal Rexnord Co. will post 10.05 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.40 annualized dividend and a yield of 0.84%. Regal Rexnord’s dividend payout ratio is currently -160.92%.

Regal Rexnord Company Profile

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.