Rhumbline Advisers Grows Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Rhumbline Advisers lifted its stake in Regal Rexnord Co. (NYSE:RRX) by 0.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 182,505 shares of the company’s stock after acquiring an additional 201 shares during the period. Rhumbline Advisers’ holdings in Regal Rexnord were worth $20,778,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in RRX. JPMorgan Chase & Co. lifted its holdings in Regal Rexnord by 56.8% during the 4th quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company’s stock worth $106,106,000 after purchasing an additional 247,673 shares in the last quarter. Atria Investments Inc lifted its holdings in shares of Regal Rexnord by 48.9% in the fourth quarter. Atria Investments Inc now owns 2,310 shares of the company’s stock worth $358,000 after buying an additional 759 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Regal Rexnord by 16.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,844 shares of the company’s stock valued at $2,613,000 after acquiring an additional 2,414 shares during the period. Norges Bank purchased a new position in Regal Rexnord during the fourth quarter valued at approximately $235,188,000. Finally, Jones Financial Companies Lllp grew its stake in Regal Rexnord by 90.5% during the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company’s stock valued at $50,000 after acquiring an additional 153 shares in the last quarter. 99.72% of the stock is owned by institutional investors.

Insider Transactions at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $140.33, for a total value of $1,486,515.69. Following the completion of the sale, the chief executive officer now directly owns 175,954 shares in the company, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.82% of the company’s stock.

Regal Rexnord Trading Up 1.2%

Shares of RRX opened at $140.05 on Friday. The firm has a market cap of $9.29 billion, a price-to-earnings ratio of 47.48, a PEG ratio of 1.37 and a beta of 1.16. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. Regal Rexnord Co. has a fifty-two week low of $90.56 and a fifty-two week high of $185.28. The firm has a 50 day moving average price of $119.16 and a 200-day moving average price of $137.97.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.33. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.38 billion. Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. The business’s quarterly revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.00 EPS. As a group, equities research analysts forecast that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Monday, June 30th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.00%. Regal Rexnord’s payout ratio is 39.89%.

Analysts Set New Price Targets

Several brokerages recently commented on RRX. The Goldman Sachs Group reduced their price objective on shares of Regal Rexnord from $183.00 to $163.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Wall Street Zen raised shares of Regal Rexnord from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 22nd. Citigroup boosted their price objective on shares of Regal Rexnord from $110.00 to $145.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. KeyCorp reduced their price objective on shares of Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, Oppenheimer dropped their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $171.25.

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.