Jennison Associates LLC Trims Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Jennison Associates LLC trimmed its holdings in Regal Rexnord Co. (NYSE:RRX) by 62.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 124,118 shares of the company’s stock after selling 202,557 shares during the quarter. Jennison Associates LLC owned approximately 0.19% of Regal Rexnord worth $18,372,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC boosted its position in Regal Rexnord by 18.5% during the 3rd quarter. Global Retirement Partners LLC now owns 493 shares of the company’s stock valued at $68,000 after acquiring an additional 77 shares in the last quarter. Xponance Inc. boosted its position in Regal Rexnord by 1.2% during the 4th quarter. Xponance Inc. now owns 8,003 shares of the company’s stock valued at $1,185,000 after acquiring an additional 91 shares in the last quarter. Mariner LLC boosted its position in Regal Rexnord by 2.1% during the 3rd quarter. Mariner LLC now owns 5,525 shares of the company’s stock valued at $789,000 after acquiring an additional 113 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in Regal Rexnord by 3.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 3,277 shares of the company’s stock valued at $468,000 after acquiring an additional 118 shares in the last quarter. Finally, IFP Advisors Inc boosted its position in Regal Rexnord by 12.8% during the 3rd quarter. IFP Advisors Inc now owns 1,297 shares of the company’s stock valued at $185,000 after acquiring an additional 147 shares in the last quarter. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Regal Rexnord Trading Down 1.4 %

Regal Rexnord stock opened at $161.97 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.55 and a quick ratio of 1.59. The business has a fifty day moving average price of $169.87 and a 200-day moving average price of $144.61. Regal Rexnord Co. has a 1-year low of $97.18 and a 1-year high of $183.85.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Wednesday, February 7th. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.02. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. The firm’s quarterly revenue was up 29.2% on a year-over-year basis. During the same quarter last year, the business posted $2.64 EPS. As a group, equities analysts anticipate that Regal Rexnord Co. will post 10.05 EPS for the current year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.86%. Regal Rexnord’s payout ratio is currently -160.92%.

Insider Buying and Selling at Regal Rexnord

In other Regal Rexnord news, EVP Thomas E. Valentyn sold 1,931 shares of Regal Rexnord stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total transaction of $320,719.79. Following the completion of the transaction, the executive vice president now owns 27,180 shares in the company, valued at approximately $4,514,326.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Regal Rexnord news, EVP Thomas E. Valentyn sold 1,931 shares of Regal Rexnord stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total transaction of $320,719.79. Following the completion of the transaction, the executive vice president now owns 27,180 shares in the company, valued at approximately $4,514,326.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jerrald R. Morton sold 2,992 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $154.34, for a total value of $461,785.28. Following the sale, the executive vice president now owns 15,884 shares in the company, valued at $2,451,536.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,570 shares of company stock worth $892,301. Insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Oppenheimer increased their target price on Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, March 13th. Barclays increased their target price on Regal Rexnord from $200.00 to $203.00 and gave the company an “overweight” rating in a research report on Tuesday, April 2nd. Finally, KeyCorp raised their price objective on Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a research report on Monday, March 25th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $197.00.

Regal Rexnord 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.