State of New Jersey Common Pension Fund D Decreases Stake in Regal Rexnord Co. (NYSE:RRX)

State of New Jersey Common Pension Fund D lessened its stake in Regal Rexnord Co. (NYSE:RRX) by 1.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,938 shares of the company’s stock after selling 333 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Regal Rexnord were worth $3,869,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Tobam purchased a new position in Regal Rexnord in the fourth quarter valued at about $45,000. Nomura Asset Management Co. Ltd. grew its holdings in shares of Regal Rexnord by 30.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock worth $71,000 after acquiring an additional 100 shares during the period. 1620 Investment Advisors Inc. increased its stake in Regal Rexnord by 17.4% in the 3rd quarter. 1620 Investment Advisors Inc. now owns 452 shares of the company’s stock valued at $75,000 after purchasing an additional 67 shares in the last quarter. GAMMA Investing LLC raised its holdings in Regal Rexnord by 28.3% during the fourth quarter. GAMMA Investing LLC now owns 1,079 shares of the company’s stock worth $167,000 after purchasing an additional 238 shares during the last quarter. Finally, Weatherly Asset Management L. P. purchased a new stake in Regal Rexnord during the third quarter worth $180,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Wall Street Analyst Weigh In

RRX has been the subject of several research reports. The Goldman Sachs Group lifted their price target on Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. StockNews.com downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 16th. Oppenheimer lowered their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Jefferies Financial Group initiated coverage on Regal Rexnord in a research report on Thursday, December 12th. They set a “buy” rating and a $215.00 price objective for the company. Finally, Robert W. Baird dropped their price target on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $197.75.

Regal Rexnord Trading Down 0.4 %

NYSE RRX opened at $136.01 on Thursday. The company has a 50-day moving average of $154.27 and a 200-day moving average of $161.85. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25. Regal Rexnord Co. has a 12 month low of $130.94 and a 12 month high of $185.28. The company has a market cap of $9.01 billion, a P/E ratio of 46.10, a P/E/G ratio of 1.38 and a beta of 1.03.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. As a group, equities analysts predict that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Monday, March 31st. Regal Rexnord’s payout ratio is currently 47.46%.

About Regal Rexnord

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.