Legal & General Group Plc Reduces Stock Position in Regal Rexnord Corporation $RRX

Legal & General Group Plc decreased its stake in shares of Regal Rexnord Corporation (NYSE:RRX) by 8.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 97,166 shares of the company’s stock after selling 8,730 shares during the quarter. Legal & General Group Plc’s holdings in Regal Rexnord were worth $13,634,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Systematic Financial Management LP increased its stake in shares of Regal Rexnord by 0.3% in the 4th quarter. Systematic Financial Management LP now owns 198,564 shares of the company’s stock worth $27,863,000 after acquiring an additional 522 shares during the last quarter. Private Capital Advisors Inc. purchased a new position in Regal Rexnord during the fourth quarter worth about $5,896,000. William Blair Investment Management LLC boosted its holdings in Regal Rexnord by 88.4% in the 4th quarter. William Blair Investment Management LLC now owns 759,283 shares of the company’s stock valued at $106,543,000 after purchasing an additional 356,279 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in Regal Rexnord in the 4th quarter valued at about $505,000. Finally, Mizuho Markets Cayman LP purchased a new stake in shares of Regal Rexnord in the 4th quarter valued at approximately $8,600,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Insider Buying and Selling at Regal Rexnord

In other Regal Rexnord news, CFO Robert Rehard sold 6,499 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $200.00, for a total value of $1,299,800.00. Following the completion of the transaction, the chief financial officer owned 27,965 shares in the company, valued at $5,593,000. The trade was a 18.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $211.68, for a total value of $4,764,705.12. Following the completion of the sale, the chief executive officer owned 56,749 shares in the company, valued at approximately $12,012,628.32. The trade was a 28.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,305 shares of company stock valued at $6,341,869 in the last 90 days. Company insiders own 0.63% of the company’s stock.

Regal Rexnord Trading Up 5.5%

RRX opened at $213.29 on Wednesday. Regal Rexnord Corporation has a 52 week low of $127.96 and a 52 week high of $236.35. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. The business has a fifty day simple moving average of $200.78 and a 200-day simple moving average of $179.87. The firm has a market cap of $14.20 billion, a P/E ratio of 49.60, a P/E/G ratio of 1.90 and a beta of 1.11.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.06. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.Regal Rexnord’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.15 EPS. On average, equities analysts expect that Regal Rexnord Corporation will post 10.63 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, June 30th. Regal Rexnord’s dividend payout ratio is presently 32.56%.

Analyst Ratings Changes

Several analysts have recently commented on RRX shares. KeyCorp lifted their price target on shares of Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Robert W. Baird set a $253.00 target price on Regal Rexnord in a research note on Friday, February 6th. The Goldman Sachs Group lifted their target price on Regal Rexnord from $170.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Oppenheimer increased their price target on Regal Rexnord from $180.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and an average price target of $232.25.

Regal Rexnord Profile

Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company’s operations are organized into multiple business segments that address distinct customer needs.