Wells Fargo & Company MN Raises Stock Position in Regal Rexnord Co. (NYSE:RRX)

Wells Fargo & Company MN raised its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 28.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 107,994 shares of the company’s stock after buying an additional 24,146 shares during the period. Wells Fargo & Company MN’s holdings in Regal Rexnord were worth $16,753,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of RRX. Norges Bank purchased a new stake in Regal Rexnord during the fourth quarter valued at $235,188,000. Victory Capital Management Inc. increased its position in shares of 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 last quarter. JPMorgan Chase & Co. lifted its stake in shares of Regal Rexnord by 56.8% in the 4th quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company’s stock worth $106,106,000 after purchasing an additional 247,673 shares during the period. TimesSquare Capital Management LLC boosted its holdings 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 last quarter. Finally, Raymond James Financial Inc. bought a new stake in Regal Rexnord during the fourth quarter valued at approximately $22,325,000. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Stock Up 2.5 %

NYSE RRX opened at $99.08 on Monday. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a 12 month low of $90.56 and a 12 month high of $185.28. The stock’s 50 day moving average is $122.43 and its 200 day moving average is $150.68. The stock has a market cap of $6.57 billion, a PE ratio of 33.59, a P/E/G ratio of 1.37 and a beta of 1.09.

Regal Rexnord (NYSE:RRX) last issued its 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%. Research analysts predict that Regal Rexnord Co. will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.41%. Regal Rexnord’s payout ratio is 47.46%.

Wall Street Analyst Weigh In

RRX has been the topic of several recent research reports. KeyCorp decreased their price target on shares of Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a report on Tuesday, April 8th. Barclays decreased their price objective on Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 26th. Citigroup lowered their price objective on Regal Rexnord from $170.00 to $110.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Finally, Oppenheimer reduced their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a report on Friday, February 7th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $170.75.

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.