Pictet Asset Management Holding SA Increases Stake in Regal Rexnord Co. (NYSE:RRX)

Pictet Asset Management Holding SA increased its holdings in Regal Rexnord Co. (NYSE:RRX) by 13.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,323 shares of the company’s stock after purchasing an additional 1,104 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Regal Rexnord were worth $1,446,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in RRX. New Age Alpha Advisors LLC purchased a new position in shares of Regal Rexnord in the fourth quarter worth about $6,427,000. Norges Bank bought a new position in Regal Rexnord during the 4th quarter worth approximately $235,188,000. JPMorgan Chase & Co. increased its stake in 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. Murphy & Mullick Capital Management Corp bought a new stake in Regal Rexnord in the fourth quarter valued at approximately $359,000. Finally, EntryPoint Capital LLC purchased a new stake in shares of Regal Rexnord during the fourth quarter valued at approximately $813,000. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Stock Performance

Regal Rexnord stock opened at $98.77 on Friday. Regal Rexnord Co. has a fifty-two week low of $92.50 and a fifty-two week high of $185.28. The stock has a market cap of $6.55 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 1.37 and a beta of 1.09. The stock’s 50 day simple moving average is $130.83 and its two-hundred day simple moving average is $154.08. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share 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%. As a group, analysts expect that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be paid a $0.35 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.42%. Regal Rexnord’s payout ratio is 47.46%.

Analyst Ratings Changes

RRX has been the topic of several analyst reports. The Goldman Sachs Group decreased their target price on shares of Regal Rexnord from $183.00 to $163.00 and set a “buy” rating on the stock in a research note on Wednesday. Barclays lowered their price objective on shares of Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating for the company in a research note on Wednesday, March 26th. StockNews.com cut Regal Rexnord from a “buy” rating to a “hold” rating in a research note on Monday, March 31st. Oppenheimer lowered their price target on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Finally, Jefferies Financial Group started coverage on Regal Rexnord in a research report on Thursday, December 12th. They issued a “buy” rating and a $215.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $188.88.

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.