Amalgamated Bank Sells 1,701 Shares of Regal Rexnord Co. (NYSE:RRX)

Amalgamated Bank reduced its holdings in Regal Rexnord Co. (NYSE:RRX) by 3.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 44,155 shares of the company’s stock after selling 1,701 shares during the quarter. Amalgamated Bank’s holdings in Regal Rexnord were worth $6,536,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in RRX. Third Point LLC bought a new stake in Regal Rexnord in the third quarter valued at $92,872,000. William Blair Investment Management LLC bought a new stake in Regal Rexnord during the 3rd quarter valued at approximately $71,899,000. Allspring Global Investments Holdings LLC raised its position in shares of Regal Rexnord by 80.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock worth $75,382,000 after acquiring an additional 226,435 shares in the last quarter. Blackstone Inc. bought a new stake in shares of Regal Rexnord during the third quarter valued at approximately $27,862,000. Finally, FMR LLC grew its stake in Regal Rexnord by 2.1% in the third quarter. FMR LLC now owns 8,978,384 shares of the company’s stock worth $1,282,831,000 after purchasing an additional 181,889 shares during the period. 99.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on RRX shares. Oppenheimer raised their price objective on Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, March 13th. KeyCorp boosted their price objective on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. Finally, Barclays raised their target price on shares of Regal Rexnord from $200.00 to $203.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.00.

Regal Rexnord Price Performance

Shares of NYSE RRX opened at $165.08 on Monday. Regal Rexnord Co. has a twelve month low of $97.18 and a twelve month high of $183.85. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.59 and a current ratio of 2.55. The company has a 50 day moving average of $169.91 and a 200 day moving average of $146.05.

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

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Friday, June 28th. Regal Rexnord’s payout ratio is presently -160.92%.

Insider Transactions at Regal Rexnord

In related news, EVP Jerrald R. Morton sold 2,992 shares of the firm’s stock in a transaction that occurred on 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Regal Rexnord news, EVP Thomas E. Valentyn sold 647 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $169.70, for a total transaction of $109,795.90. Following the completion of the sale, the executive vice president now directly owns 28,412 shares in the company, valued at approximately $4,821,516.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jerrald R. Morton sold 2,992 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $154.34, for a total transaction of $461,785.28. Following the sale, the executive vice president now owns 15,884 shares of the company’s stock, valued at $2,451,536.56. The disclosure for this sale can be found here. Insiders sold 5,570 shares of company stock worth $892,301 over the last three months. 0.82% of the stock is currently owned by company insiders.

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.