New York State Teachers Retirement System Trims Stock Position in Regal Rexnord Corporation (NYSE:RRX)

New York State Teachers Retirement System decreased its position in Regal Rexnord Corporation (NYSE:RRX) by 0.2% in the first quarter, Holdings Channel reports. The institutional investor owned 65,278 shares of the company’s stock after selling 100 shares during the period. New York State Teachers Retirement System’s holdings in Regal Rexnord were worth $7,432,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RRX. Skandinaviska Enskilda Banken AB publ increased its stake in shares of Regal Rexnord by 472.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company’s stock worth $25,000 after purchasing an additional 137 shares in the last quarter. Bernard Wealth Management Corp. acquired a new position in Regal Rexnord in the 4th quarter valued at about $30,000. Golden State Wealth Management LLC boosted its holdings in Regal Rexnord by 106.2% in the 1st quarter. Golden State Wealth Management LLC now owns 268 shares of the company’s stock valued at $31,000 after purchasing an additional 138 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Regal Rexnord in the 4th quarter valued at about $33,000. Finally, Jones Financial Companies Lllp boosted its holdings in Regal Rexnord by 90.5% in the 4th quarter. Jones Financial Companies Lllp now owns 322 shares of the company’s stock valued at $50,000 after purchasing an additional 153 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Trading Down 0.0%

Shares of Regal Rexnord stock opened at $151.70 on Friday. The company has a fifty day simple moving average of $136.32 and a 200-day simple moving average of $134.20. Regal Rexnord Corporation has a 12-month low of $90.56 and a 12-month high of $185.28. The company has a current ratio of 2.26, a quick ratio of 1.21 and a debt-to-equity ratio of 0.82. The stock has a market cap of $10.06 billion, a price-to-earnings ratio of 43.22, a PEG ratio of 1.54 and a beta of 1.17.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.33. Regal Rexnord had a net margin of 3.96% and a return on equity of 9.67%. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the prior year, the business earned $2.00 EPS. Regal Rexnord’s quarterly revenue was down 8.4% compared to the same quarter last year. On average, equities analysts forecast that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Monday, June 30th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Monday, June 30th. Regal Rexnord’s dividend payout ratio (DPR) is presently 39.89%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RRX. Robert W. Baird boosted their target price on shares of Regal Rexnord from $167.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, May 7th. Wall Street Zen upgraded shares of Regal Rexnord from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 22nd. Citigroup restated a “buy” rating and set a $165.00 price target (up previously from $145.00) on shares of Regal Rexnord in a report on Tuesday, June 24th. The Goldman Sachs Group dropped their price objective on shares of Regal Rexnord from $183.00 to $163.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Finally, Barclays increased their price objective on shares of Regal Rexnord from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Regal Rexnord currently has an average rating of “Buy” and an average target price of $180.63.

Insider Activity at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $140.33, for a total value of $1,486,515.69. Following the completion of the transaction, the chief executive officer owned 175,954 shares in the company, valued at $24,691,624.82. This trade represents a 5.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.82% of the company’s stock.

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.