Regal Rexnord Co. (NYSE:RRX) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its position in Regal Rexnord Co. (NYSE:RRX) by 18.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,994 shares of the company’s stock after selling 2,317 shares during the period. PNC Financial Services Group Inc.’s holdings in Regal Rexnord were worth $1,550,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in RRX. Point72 Asset Management L.P. acquired a new position in shares of Regal Rexnord in the 3rd quarter valued at $83,460,000. Westfield Capital Management Co. LP lifted its position in shares of Regal Rexnord by 68.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 979,521 shares of the company’s stock valued at $162,483,000 after acquiring an additional 399,649 shares in the last quarter. Victory Capital Management Inc. raised its stake in Regal Rexnord by 20.1% during the 4th quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company’s stock valued at $337,712,000 after purchasing an additional 363,728 shares during the period. TimesSquare Capital Management LLC boosted its position in shares of Regal Rexnord by 35.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 884,095 shares of the company’s stock worth $137,150,000 after buying an additional 232,509 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Regal Rexnord in the 4th quarter valued at about $22,325,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on RRX. Citigroup cut their target price on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Barclays reduced their price objective on Regal Rexnord from $176.00 to $160.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. StockNews.com lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 16th. Oppenheimer reduced their price target on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Finally, The Goldman Sachs Group increased their price objective on Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $195.75.

Regal Rexnord Stock Up 1.3 %

RRX opened at $116.44 on Friday. Regal Rexnord Co. has a twelve month low of $113.73 and a twelve month high of $185.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. The business has a 50 day moving average price of $142.83 and a 200 day moving average price of $158.08. The firm has a market cap of $7.72 billion, a P/E ratio of 39.47, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11.

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

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.35 per share. The ex-dividend date is Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.20%. Regal Rexnord’s dividend payout ratio is presently 47.46%.

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.