Clearbridge Investments LLC Sells 168,692 Shares of Regal Rexnord Co. (NYSE:RRX)

Clearbridge Investments LLC lessened its stake in Regal Rexnord Co. (NYSE:RRX) by 18.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 758,666 shares of the company’s stock after selling 168,692 shares during the quarter. Clearbridge Investments LLC owned approximately 1.14% of Regal Rexnord worth $136,636,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Regal Rexnord during the fourth quarter valued at approximately $180,918,000. The Manufacturers Life Insurance Company increased its position in shares of Regal Rexnord by 167.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock valued at $140,374,000 after acquiring an additional 593,862 shares during the last quarter. Franklin Resources Inc. increased its position 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 valued at $148,249,000 after acquiring an additional 466,820 shares during the last quarter. Schroder Investment Management Group purchased a new stake in shares of Regal Rexnord during the fourth quarter valued at approximately $49,041,000. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of Regal Rexnord during the fourth quarter valued at approximately $37,768,000. Institutional investors own 99.72% of the company’s stock.

Analyst Upgrades and Downgrades

RRX has been the subject of a number of research analyst reports. Robert W. Baird increased their price target on Regal Rexnord from $205.00 to $208.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. StockNews.com downgraded Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Thursday, July 4th. Raymond James assumed coverage on Regal Rexnord in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Barclays decreased their target price on Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Finally, KeyCorp decreased their target price on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Regal Rexnord presently has an average rating of “Moderate Buy” and a consensus target price of $188.00.

Regal Rexnord Stock Performance

Shares of Regal Rexnord stock traded down $0.58 during trading hours on Tuesday, reaching $152.04. The company had a trading volume of 338,941 shares, compared to its average volume of 449,574. Regal Rexnord Co. has a one year low of $97.18 and a one year high of $183.85. The business has a fifty day simple moving average of $145.03 and a 200 day simple moving average of $154.39. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.62 and a quick ratio of 1.56. The firm has a market cap of $10.11 billion, a PE ratio of -316.71, a price-to-earnings-growth ratio of 1.52 and a beta of 1.06.

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

About Regal Rexnord

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.