Norges Bank Buys New Stake in Regal Rexnord Corporation $RRX

Norges Bank purchased a new stake in Regal Rexnord Corporation (NYSE:RRX) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 864,459 shares of the company’s stock, valued at approximately $121,301,000. Norges Bank owned about 1.30% of Regal Rexnord as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. raised its position in Regal Rexnord by 138.4% during the third quarter. Victory Capital Management Inc. now owns 3,968,101 shares of the company’s stock valued at $566,981,000 after acquiring an additional 2,303,373 shares in the last quarter. Viking Global Investors LP boosted its position in Regal Rexnord by 25.7% in 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. William Blair Investment Management LLC purchased a new stake in Regal Rexnord in the 3rd quarter worth approximately $57,807,000. Westfield Capital Management Co. LP grew its stake in shares of Regal Rexnord by 40.4% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,221,730 shares of the company’s stock worth $175,245,000 after purchasing an additional 351,599 shares during the period. Finally, American Century Companies Inc. purchased a new position in shares of Regal Rexnord during the 3rd quarter valued at approximately $47,778,000. 99.72% of the stock is owned by institutional investors and hedge funds.

Regal Rexnord Price Performance

Regal Rexnord stock opened at $214.17 on Friday. The stock has a market capitalization of $14.26 billion, a P/E ratio of 49.81, a P/E/G ratio of 2.03 and a beta of 1.11. The company’s fifty day moving average price is $202.66 and its 200 day moving average price is $181.50. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 2.17. Regal Rexnord Corporation has a 1 year low of $127.96 and a 1 year high of $236.35.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings data on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.15 earnings per share. As a group, equities research analysts anticipate that Regal Rexnord Corporation will post 10.63 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, June 30th. Regal Rexnord’s dividend payout ratio is 32.56%.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, Director Robin A. Walker-Lee sold 1,297 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $213.85, for a total transaction of $277,363.45. Following the completion of the sale, the director directly owned 5,503 shares in the company, valued at approximately $1,176,816.55. The trade was a 19.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $211.68, for a total value of $4,764,705.12. Following the transaction, the chief executive officer directly owned 56,749 shares of the company’s stock, valued at $12,012,628.32. The trade was a 28.40% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 30,305 shares of company stock valued at $6,341,869. 0.63% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RRX shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research note on Tuesday, April 21st. JPMorgan Chase & Co. lifted their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Wall Street Zen downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 28th. Oppenheimer increased their target price on shares of Regal Rexnord from $180.00 to $225.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Finally, KeyCorp raised their target price on Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Regal Rexnord currently has a consensus rating of “Moderate Buy” and an average price target of $232.25.

Regal Rexnord 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.