Summit Place Financial Advisors LLC Invests $400,000 in Regal Rexnord Corporation $RRX

Summit Place Financial Advisors LLC bought a new position in shares of Regal Rexnord Corporation (NYSE:RRX) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 2,760 shares of the company’s stock, valued at approximately $400,000.

Several other institutional investors also recently modified their holdings of RRX. Polianta Ltd grew its position in shares of Regal Rexnord by 33.8% during the 1st quarter. Polianta Ltd now owns 9,100 shares of the company’s stock worth $1,036,000 after buying an additional 2,300 shares during the period. Ritholtz Wealth Management grew its position in shares of Regal Rexnord by 22.5% during the 1st quarter. Ritholtz Wealth Management now owns 1,979 shares of the company’s stock worth $225,000 after buying an additional 363 shares during the period. State of Alaska Department of Revenue grew its position in shares of Regal Rexnord by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 7,754 shares of the company’s stock worth $882,000 after buying an additional 200 shares during the period. Institute for Wealth Management LLC. acquired a new position in shares of Regal Rexnord during the 1st quarter worth about $376,000. Finally, Avior Wealth Management LLC grew its position in shares of Regal Rexnord by 8.1% during the 1st quarter. Avior Wealth Management LLC now owns 3,205 shares of the company’s stock worth $365,000 after buying an additional 239 shares during the period. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. The Goldman Sachs Group decreased their price objective on Regal Rexnord from $192.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, September 16th. Wall Street Zen lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Sunday, September 21st. JPMorgan Chase & Co. assumed coverage on Regal Rexnord in a research report on Monday, September 15th. They issued an “overweight” rating and a $200.00 price objective for the company. Citigroup reiterated a “buy” rating and issued a $165.00 price objective (up from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Finally, KeyCorp set a $180.00 price objective on Regal Rexnord and gave the company an “overweight” rating in a research report on Thursday, June 26th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $181.63.

Regal Rexnord Trading Down 7.3%

NYSE RRX opened at $134.68 on Friday. The stock has a market capitalization of $8.94 billion, a price-to-earnings ratio of 35.82, a PEG ratio of 1.46 and a beta of 1.16. The stock’s 50 day moving average price is $145.19 and its two-hundred day moving average price is $136.01. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 2.00. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $185.28.

Regal Rexnord (NYSE:RRX) last released its earnings results on Friday, September 8th. The company reported $2.76 EPS for the quarter. The firm had revenue of $1.85 billion for the quarter. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. As a group, analysts anticipate that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. Regal Rexnord’s dividend payout ratio is currently 37.23%.

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.