Granite Investment Partners LLC Buys 11,345 Shares of Regal Rexnord Corporation $RRX

Granite Investment Partners LLC boosted its stake in Regal Rexnord Corporation (NYSE:RRX) by 17.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 76,538 shares of the company’s stock after purchasing an additional 11,345 shares during the quarter. Regal Rexnord comprises 0.9% of Granite Investment Partners LLC’s investment portfolio, making the stock its 27th biggest position. Granite Investment Partners LLC owned 0.11% of Regal Rexnord worth $14,333,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. raised its stake in Regal Rexnord by 42.6% during the fourth quarter. Victory Capital Management Inc. now owns 5,658,365 shares of the company’s stock worth $793,983,000 after acquiring an additional 1,690,264 shares in the last quarter. Norges Bank acquired a new stake in shares of Regal Rexnord in the 4th quarter valued at approximately $121,301,000. Viking Global Investors LP boosted its stake in shares of Regal Rexnord by 25.7% in the 2nd quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock valued at $497,231,000 after purchasing an additional 701,145 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Regal Rexnord by 27.1% during the 4th quarter. Invesco Ltd. now owns 1,905,828 shares of the company’s stock valued at $267,426,000 after purchasing an additional 405,828 shares during the last quarter. Finally, William Blair Investment Management LLC grew its holdings in shares of Regal Rexnord by 88.4% during the 4th quarter. William Blair Investment Management LLC now owns 759,283 shares of the company’s stock valued at $106,543,000 after purchasing an additional 356,279 shares during the last quarter. Institutional investors own 99.72% of the company’s stock.

Regal Rexnord Stock Down 1.5%

Shares of NYSE RRX opened at $208.45 on Thursday. The company has a 50 day simple moving average of $212.30 and a 200 day simple moving average of $194.34. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.17 and a quick ratio of 1.08. Regal Rexnord Corporation has a 1 year low of $127.96 and a 1 year high of $247.80. The firm has a market cap of $13.88 billion, a PE ratio of 48.48, a price-to-earnings-growth ratio of 1.99 and a beta of 1.08.

Regal Rexnord (NYSE:RRX) last posted its earnings results 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. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the firm posted $2.15 EPS. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts forecast that Regal Rexnord Corporation will post 10.64 EPS for the current year.

Regal Rexnord Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts recently commented on RRX shares. UBS Group set a $260.00 price objective on shares of Regal Rexnord in a research note on Monday, June 15th. Barclays boosted their target price on shares of Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, March 23rd. JPMorgan Chase & Co. upped their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Wall Street Zen upgraded Regal Rexnord from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a report on Tuesday, April 21st. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $237.80.

Insider Buying and Selling

In related news, Director Robin A. Walker-Lee sold 1,297 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $213.85, for a total value of $277,363.45. Following the completion of the sale, the director directly owned 5,503 shares in the company, valued at $1,176,816.55. This represents a 19.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Robert Rehard sold 6,499 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $200.00, for a total value of $1,299,800.00. Following the transaction, the chief financial officer directly owned 27,965 shares of the company’s stock, valued at approximately $5,593,000. This represents a 18.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,305 shares of company stock valued at $6,341,869 over the last 90 days. 0.63% of the stock is owned by insiders.

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.