Vanguard Group Inc. Sells 416,021 Shares of Regal Rexnord Corporation (NYSE:RRX)

Vanguard Group Inc. reduced its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 6.2% during the first quarter, HoldingsChannel reports. The firm owned 6,337,690 shares of the company’s stock after selling 416,021 shares during the period. Vanguard Group Inc. owned about 0.10% of Regal Rexnord worth $721,546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bernard Wealth Management Corp. purchased a new stake in Regal Rexnord during the fourth quarter valued at $31,000. Golden State Wealth Management LLC increased its position in Regal Rexnord by 106.2% during the first quarter. Golden State Wealth Management LLC now owns 268 shares of the company’s stock valued at $31,000 after acquiring an additional 138 shares during the last quarter. Signaturefd LLC increased its position in Regal Rexnord by 25.5% during the first quarter. Signaturefd LLC now owns 911 shares of the company’s stock valued at $104,000 after acquiring an additional 185 shares during the last quarter. CWM LLC increased its position in Regal Rexnord by 18.1% during the first quarter. CWM LLC now owns 1,011 shares of the company’s stock valued at $115,000 after acquiring an additional 155 shares during the last quarter. Finally, US Bancorp DE increased its position in Regal Rexnord by 12.5% in the first quarter. US Bancorp DE now owns 1,828 shares of the company’s stock worth $208,000 after buying an additional 203 shares in the last quarter. 99.72% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of brokerages have commented on RRX. The Goldman Sachs Group upped their price target on Regal Rexnord from $173.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Wall Street Zen raised Regal Rexnord from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 22nd. Barclays raised their price objective on Regal Rexnord from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, July 9th. Citigroup reaffirmed a “buy” rating and issued a $165.00 price objective (up from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Finally, KeyCorp set a $180.00 price target on Regal Rexnord and gave the stock an “overweight” rating in a report on Thursday, June 26th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $185.25.

Regal Rexnord Trading Up 3.7%

RRX opened at $143.03 on Wednesday. The stock’s fifty day moving average is $146.57 and its two-hundred day moving average is $132.57. The company has a market capitalization of $9.49 billion, a P/E ratio of 38.04, a PEG ratio of 1.39 and a beta of 1.18. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $185.28. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 0.72.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Tuesday, August 5th. The company reported $2.48 EPS for the quarter, topping the consensus estimate of $2.42 by $0.06. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.50 billion. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. Regal Rexnord’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period last year, the business posted $2.29 EPS. Analysts forecast that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, September 30th. Regal Rexnord’s dividend payout ratio (DPR) is presently 37.23%.

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.