Russell Investments Group Ltd. Acquires 131,497 Shares of Regal Rexnord Corporation $RRX

Russell Investments Group Ltd. raised its stake in Regal Rexnord Corporation (NYSE:RRX) by 43.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 433,455 shares of the company’s stock after acquiring an additional 131,497 shares during the period. Russell Investments Group Ltd.’s holdings in Regal Rexnord were worth $67,240,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Engineers Gate Manager LP acquired a new stake in shares of Regal Rexnord during the second quarter worth $11,920,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Regal Rexnord during the second quarter valued at $2,161,000. Medina Value Partners LLC purchased a new stake in shares of Regal Rexnord during the second quarter valued at $12,349,675. Bank of America Corp DE boosted its position in shares of Regal Rexnord by 4.4% in the 1st quarter. Bank of America Corp DE now owns 397,219 shares of the company’s stock valued at $74,383,000 after purchasing an additional 16,615 shares during the period. Finally, BlackRock Inc. acquired a new stake in Regal Rexnord during the 2nd quarter worth about $1,477,356,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Stock Down 2.3%

Shares of RRX stock traded down $4.08 on Friday, reaching $176.45. 1,178,307 shares of the company’s stock traded hands, compared to its average volume of 1,252,578. The company has a market capitalization of $11.75 billion, a P/E ratio of 51.00, a price-to-earnings-growth ratio of 1.39 and a beta of 1.09. Regal Rexnord Corporation has a 12-month low of $127.96 and a 12-month high of $247.80. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.15 and a current ratio of 2.21. The business’s 50 day moving average price is $160.35 and its two-hundred day moving average price is $190.17.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.65 by $0.25. Regal Rexnord had a return on equity of 10.28% and a net margin of 3.77%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same period in the prior year, the business earned $2.51 EPS. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities analysts forecast that Regal Rexnord Corporation will post 10.76 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 14th. Stockholders of record on Thursday, December 31st will be issued a $0.35 dividend. The ex-dividend date is Thursday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. Regal Rexnord’s dividend payout ratio is currently 40.46%.

Analysts Set New Price Targets

A number of research firms have commented on RRX. Citigroup upped their price objective on shares of Regal Rexnord from $200.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, November 4th. Weiss Ratings downgraded shares of Regal Rexnord from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, November 9th. JPMorgan Chase & Co. cut their price target on shares of Regal Rexnord from $196.00 to $195.00 and set an “overweight” rating on the stock in a report on Wednesday. Deutsche Bank started coverage on shares of Regal Rexnord in a research report on Monday, July 20th. They issued a “buy” rating and a $286.00 price target for the company. Finally, Wall Street Zen lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research note on Saturday, November 7th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.25.

About Regal Rexnord

Regal Rexnord Corporation designs, manufactures and sells products and systems that transmit power, control motion and move materials. Its offerings include electric motors, gear drives, bearings, couplings, clutches, brakes, conveyor components and automation technologies. The company serves customers in a range of industries, including industrial manufacturing, food and beverage, energy, commercial buildings and residential applications. Its products are used in equipment and systems such as factory machinery, conveyors, HVAC systems and material-handling operations.