Maverick Capital Ltd. Acquires Shares of 7,377 Regal Rexnord Corporation $RRX

Maverick Capital Ltd. bought a new stake in shares of Regal Rexnord Corporation (NYSE:RRX) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 7,377 shares of the company’s stock, valued at approximately $1,381,000.

Other large investors also recently modified their holdings of the company. IFP Advisors Inc increased its position in shares of Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock worth $27,000 after purchasing an additional 49 shares during the period. Parallel Advisors LLC lifted its position in Regal Rexnord by 5.6% during the first quarter. Parallel Advisors LLC now owns 938 shares of the company’s stock worth $176,000 after purchasing an additional 50 shares during the period. Northwestern Mutual Investment Management Company LLC lifted its position in Regal Rexnord by 0.4% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 14,855 shares of the company’s stock worth $2,084,000 after purchasing an additional 60 shares during the period. UMB Bank n.a. lifted its position in Regal Rexnord by 6.2% during the fourth quarter. UMB Bank n.a. now owns 1,023 shares of the company’s stock worth $144,000 after purchasing an additional 60 shares during the period. Finally, Fifth Third Wealth Advisors LLC grew its stake in Regal Rexnord by 3.2% during the first quarter. Fifth Third Wealth Advisors LLC now owns 2,092 shares of the company’s stock worth $392,000 after buying an additional 65 shares in the last quarter. 99.72% of the stock is owned by institutional investors and hedge funds.

Regal Rexnord Stock Performance

Regal Rexnord stock opened at $211.31 on Tuesday. 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 stock has a market cap of $14.07 billion, a PE ratio of 49.14, a P/E/G ratio of 2.00 and a beta of 1.08. Regal Rexnord Corporation has a 12-month low of $127.96 and a 12-month high of $247.80. The business’s 50-day moving average price is $212.80 and its two-hundred day moving average price is $200.44.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Thursday, May 7th. The company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the prior year, the business earned $2.15 earnings per share. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, analysts expect that Regal Rexnord Corporation will post 10.64 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 Wednesday, October 14th. Investors of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Wednesday, September 30th. Regal Rexnord’s dividend payout ratio is currently 32.56%.

Insider Buying and Selling

In related news, Director Robin A. Walker-Lee sold 1,297 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $213.85, for a total value of $277,363.45. Following the completion of the transaction, the director owned 5,503 shares of the company’s stock, valued at $1,176,816.55. This represents a 19.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Louis V. Pinkham sold 22,509 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the completion of the sale, the chief executive officer owned 56,749 shares in the company, valued at $12,012,628.32. This represents a 28.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,305 shares of company stock worth $6,341,869 in the last three months. 0.63% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RRX has been the topic of several recent analyst reports. DA Davidson began coverage on shares of Regal Rexnord in a report on Tuesday, June 16th. They issued a “buy” rating and a $260.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research report on Friday, July 17th. Deutsche Bank Aktiengesellschaft began coverage on shares of Regal Rexnord in a research note on Monday, July 20th. They issued a “buy” rating and a $286.00 price objective on the stock. Finally, Wolfe Research set a $250.00 target price on Regal Rexnord in a research note on Thursday, July 9th. Eight 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $247.00.

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.