Texas Permanent School Fund Corp Has $10.45 Million Stake in Regal Rexnord Co. (NYSE:RRX)

Texas Permanent School Fund Corp grew its stake in Regal Rexnord Co. (NYSE:RRX) by 1.2% in the first quarter, Holdings Channel.com reports. The institutional investor owned 58,025 shares of the company’s stock after buying an additional 709 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Regal Rexnord were worth $10,450,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in RRX. Norges Bank bought a new position in shares of Regal Rexnord in the fourth quarter worth about $180,918,000. The Manufacturers Life Insurance Company increased its position in Regal Rexnord by 167.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock worth $140,374,000 after buying an additional 593,862 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Regal Rexnord by 87.3% during the fourth quarter. Franklin Resources Inc. now owns 1,001,545 shares of the company’s stock worth $148,249,000 after buying an additional 466,820 shares during the last quarter. Schroder Investment Management Group bought a new stake in shares of Regal Rexnord in the fourth quarter valued at approximately $49,041,000. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of Regal Rexnord in the fourth quarter worth $37,768,000. Institutional investors own 99.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RRX. Raymond James began coverage on shares of Regal Rexnord in a report on Friday, June 28th. They issued a “market perform” rating for the company. StockNews.com downgraded shares of Regal Rexnord from a “buy” rating to a “hold” rating in a report on Thursday, July 4th. Barclays reduced their price target on shares of Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. KeyCorp increased their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a report on Monday, March 25th. Finally, Robert W. Baird increased their price target on shares of Regal Rexnord from $205.00 to $208.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $192.00.

Regal Rexnord Price Performance

Shares of NYSE:RRX traded up $4.96 during midday trading on Friday, reaching $146.49. 53,135 shares of the company’s stock were exchanged, compared to its average volume of 443,447. The company’s 50 day simple moving average is $146.57 and its two-hundred day simple moving average is $154.10. The firm has a market capitalization of $9.74 billion, a PE ratio of -294.85, a price-to-earnings-growth ratio of 1.41 and a beta of 1.06. Regal Rexnord Co. has a 12 month low of $97.18 and a 12 month high of $183.85. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.56 and a current ratio of 2.62.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Monday, May 6th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. Regal Rexnord had a negative net margin of 0.48% and a positive return on equity of 9.42%. The firm’s revenue for the quarter was up 26.4% compared to the same quarter last year. During the same period last year, the firm earned $2.22 EPS. Equities research analysts expect that Regal Rexnord Co. will post 9.73 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 28th. Regal Rexnord’s dividend payout ratio (DPR) is currently -291.67%.

Regal Rexnord 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.