AlphaQuest LLC Raises Stake in Regal Rexnord Corporation $RRX

AlphaQuest LLC increased its position in shares of Regal Rexnord Corporation (NYSE:RRX) by 169.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,998 shares of the company’s stock after acquiring an additional 5,663 shares during the period. AlphaQuest LLC’s holdings in Regal Rexnord were worth $1,291,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Regal Rexnord during the second quarter valued at approximately $256,155,000. Nordea Investment Management AB purchased a new position in shares of Regal Rexnord during the second quarter valued at approximately $224,889,000. Viking Global Investors LP boosted its holdings in Regal Rexnord by 25.7% in the second quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock worth $497,231,000 after acquiring an additional 701,145 shares in the last quarter. Invesco Ltd. raised its position in shares of Regal Rexnord by 36.6% in the 2nd quarter. Invesco Ltd. now owns 1,274,266 shares of the company’s stock worth $184,718,000 after purchasing an additional 341,437 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Regal Rexnord by 69.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 797,036 shares of the company’s stock valued at $114,327,000 after purchasing an additional 326,723 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

Insider Buying and Selling

In other Regal Rexnord news, CEO Louis V. Pinkham sold 35,935 shares of the business’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $146.20, for a total transaction of $5,253,697.00. Following the transaction, the chief executive officer owned 103,262 shares of the company’s stock, valued at approximately $15,096,904.40. The trade was a 25.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on RRX shares. Robert W. Baird set a $212.00 price target on shares of Regal Rexnord in a report on Friday, October 31st. JPMorgan Chase & Co. lowered their target price on Regal Rexnord from $200.00 to $190.00 and set an “overweight” rating on the stock in a report on Friday, October 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research report on Thursday, January 22nd. KeyCorp upped their price target on shares of Regal Rexnord from $170.00 to $175.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Finally, Jefferies Financial Group downgraded shares of Regal Rexnord from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $170.00 to $160.00 in a report on Wednesday, December 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, the company has an average rating of “Moderate Buy” and a consensus target price of $180.25.

Regal Rexnord Trading Down 1.1%

RRX stock opened at $160.33 on Monday. Regal Rexnord Corporation has a 52-week low of $90.56 and a 52-week high of $163.38. The firm has a market cap of $10.64 billion, a P/E ratio of 41.25, a PEG ratio of 1.50 and a beta of 1.13. The company has a quick ratio of 0.97, a current ratio of 2.05 and a debt-to-equity ratio of 0.71. The company’s 50-day simple moving average is $149.17 and its 200-day simple moving average is $146.09.

Regal Rexnord Announces Dividend

The firm 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 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, March 31st. Regal Rexnord’s dividend payout ratio is currently 36.18%.

About Regal Rexnord

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.