Russell Investments Group Ltd. Trims Stake in Regal Rexnord Co. (NYSE:RRX)

Russell Investments Group Ltd. lessened its holdings in Regal Rexnord Co. (NYSE:RRX) by 29.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 45,445 shares of the company’s stock after selling 19,144 shares during the period. Russell Investments Group Ltd. owned 0.07% of Regal Rexnord worth $6,727,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of RRX. State of New Jersey Common Pension Fund D boosted its position in Regal Rexnord by 3.3% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 37,338 shares of the company’s stock valued at $5,527,000 after acquiring an additional 1,183 shares in the last quarter. South Dakota Investment Council boosted its position in shares of Regal Rexnord by 112.0% during the fourth quarter. South Dakota Investment Council now owns 27,353 shares of the company’s stock valued at $4,049,000 after purchasing an additional 14,448 shares in the last quarter. GAMMA Investing LLC purchased a new stake in Regal Rexnord in the fourth quarter worth $58,000. New York State Common Retirement Fund raised its holdings in Regal Rexnord by 0.5% in the fourth quarter. New York State Common Retirement Fund now owns 153,504 shares of the company’s stock worth $22,722,000 after purchasing an additional 798 shares in the last quarter. Finally, CWM LLC lifted its position in Regal Rexnord by 48.5% during the fourth quarter. CWM LLC now owns 738 shares of the company’s stock valued at $109,000 after buying an additional 241 shares during the period. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Insider Buying and Selling at Regal Rexnord

In other news, EVP Thomas E. Valentyn sold 647 shares of Regal Rexnord stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total value 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 $4,821,516.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Thomas E. Valentyn sold 647 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $169.70, for a total transaction of $109,795.90. Following the transaction, the executive vice president now directly owns 28,412 shares of the company’s stock, valued at approximately $4,821,516.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jerrald R. Morton sold 2,992 shares of Regal Rexnord stock in a transaction on Monday, February 12th. The stock was sold at an average price of $154.34, for a total value of $461,785.28. Following the completion of the sale, the executive vice president now directly owns 15,884 shares of the company’s stock, valued at approximately $2,451,536.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,570 shares of company stock worth $892,301. Company insiders own 0.82% of the company’s stock.

Regal Rexnord Trading Up 0.1 %

Shares of NYSE RRX opened at $157.35 on Thursday. The company has a market cap of $10.46 billion, a PE ratio of -180.86, a P/E/G ratio of 1.64 and a beta of 1.16. 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 firm’s 50 day moving average price is $169.44 and its 200-day moving average price is $146.68. Regal Rexnord Co. has a 52-week low of $97.18 and a 52-week high of $183.85.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Monday, May 6th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.02. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 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 26.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.22 EPS. On average, equities research analysts expect that Regal Rexnord Co. will post 10.05 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Friday, June 28th. Regal Rexnord’s dividend payout ratio (DPR) is -160.92%.

Analysts Set New Price Targets

Several brokerages recently issued reports on RRX. KeyCorp increased their price target 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. Oppenheimer raised their target price on shares of Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, March 13th. Robert W. Baird boosted their price target on Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Barclays reduced their price objective on Regal Rexnord from $203.00 to $199.00 and set an “overweight” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Regal Rexnord has an average rating of “Moderate Buy” and an average target price of $195.60.

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.