TimesSquare Capital Management LLC Increases Stock Position in Regal Rexnord Co. (NYSE:RRX)

TimesSquare Capital Management LLC raised its holdings in Regal Rexnord Co. (NYSE:RRX) by 64.4% during the first quarter, Holdings Channel.com reports. The firm owned 466,475 shares of the company’s stock after purchasing an additional 182,770 shares during the quarter. Regal Rexnord makes up 1.2% of TimesSquare Capital Management LLC’s investment portfolio, making the stock its 21st largest position. TimesSquare Capital Management LLC’s holdings in Regal Rexnord were worth $84,012,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Regal Rexnord by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock valued at $1,004,848,000 after purchasing an additional 24,847 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Regal Rexnord by 80.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock valued at $75,382,000 after acquiring an additional 226,435 shares during the period. Channing Capital Management LLC lifted its position in shares of Regal Rexnord by 7.7% during the 4th quarter. Channing Capital Management LLC now owns 84,383 shares of the company’s stock valued at $12,490,000 after acquiring an additional 6,051 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Regal Rexnord by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,397,492 shares of the company’s stock valued at $206,862,000 after acquiring an additional 30,688 shares during the period. Finally, Artemis Investment Management LLP acquired a new stake in shares of Regal Rexnord during the 1st quarter valued at approximately $19,508,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of Regal Rexnord stock traded up $4.00 during trading on Friday, hitting $145.53. 574,691 shares of the company were exchanged, compared to its average volume of 373,456. The company has a quick ratio of 1.56, a current ratio of 2.62 and a debt-to-equity ratio of 0.99. Regal Rexnord Co. has a fifty-two week low of $97.18 and a fifty-two week high of $183.85. The stock has a market capitalization of $9.68 billion, a price-to-earnings ratio of -303.19, a P/E/G ratio of 1.45 and a beta of 1.06. The firm has a 50 day moving average price of $146.18 and a 200 day moving average price of $154.09.

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

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.40 annualized dividend and a yield of 0.96%. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RRX shares. Robert W. Baird lifted their price target on shares of 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 shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Thursday, July 4th. Barclays reduced their price target on shares of Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. KeyCorp lifted their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a research report on Monday, March 25th. Finally, Raymond James assumed coverage on Regal Rexnord in a research report on Friday, June 28th. They set a “market perform” rating for the company. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $192.00.

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.