TimesSquare Capital Management LLC Has $103.15 Million Stock Position in Regal Rexnord Corporation $RRX

TimesSquare Capital Management LLC lessened its holdings in Regal Rexnord Corporation (NYSE:RRX) by 15.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 719,093 shares of the company’s stock after selling 132,716 shares during the period. Regal Rexnord comprises 1.5% of TimesSquare Capital Management LLC’s investment portfolio, making the stock its 14th biggest holding. TimesSquare Capital Management LLC owned 1.08% of Regal Rexnord worth $103,147,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in RRX. Viking Global Investors LP increased its holdings in Regal Rexnord by 25.7% during the 2nd quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock worth $497,231,000 after purchasing an additional 701,145 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Regal Rexnord by 30.7% during the third quarter. Nordea Investment Management AB now owns 2,028,936 shares of the company’s stock valued at $289,083,000 after buying an additional 476,802 shares during the last quarter. Norges Bank bought a new stake in Regal Rexnord during the second quarter worth $256,155,000. Invesco Ltd. raised its position in Regal Rexnord by 36.6% in the 2nd quarter. Invesco Ltd. now owns 1,274,266 shares of the company’s stock valued at $184,718,000 after buying an additional 341,437 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Regal Rexnord by 0.4% during the 2nd quarter. Alliancebernstein L.P. now owns 812,164 shares of the company’s stock valued at $117,731,000 after acquiring an additional 3,574 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

Regal Rexnord Price Performance

RRX opened at $220.42 on Friday. The firm has a 50-day moving average price of $160.97 and a 200-day moving average price of $149.58. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve month high of $229.30. The company has a quick ratio of 1.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $14.63 billion, a price-to-earnings ratio of 52.48, a PEG ratio of 2.05 and a beta of 1.13.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Thursday, February 5th. The company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. The company had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the firm earned $2.34 EPS. Regal Rexnord’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts expect that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Tuesday, March 31st. Regal Rexnord’s payout ratio is presently 33.33%.

Insider Buying and Selling

In related news, Director Curtis W. Stoelting sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $180.00, for a total transaction of $810,000.00. Following the completion of the transaction, the director owned 15,617 shares of the company’s stock, valued at approximately $2,811,060. The trade was a 22.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert Rehard sold 7,704 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $216.72, for a total transaction of $1,669,610.88. Following the sale, the chief financial officer directly owned 34,154 shares in the company, valued at $7,401,854.88. This trade represents a 18.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 87,129 shares of company stock worth $16,136,908. Company insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RRX. Citigroup upped their target price on shares of Regal Rexnord from $180.00 to $230.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Robert W. Baird set a $253.00 price target on shares of Regal Rexnord in a report on Friday, February 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research note on Thursday, January 22nd. Barclays lifted their target price on Regal Rexnord from $165.00 to $237.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Finally, KeyCorp upped their price objective on Regal Rexnord from $200.00 to $255.00 and gave the company an “overweight” rating in a research note on Tuesday, February 10th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $227.50.

Regal Rexnord Company Profile

Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company’s operations are organized into multiple business segments that address distinct customer needs.