New York State Common Retirement Fund Has $22.24 Million Stake in Regal Rexnord Corporation $RRX

New York State Common Retirement Fund decreased its stake in shares of Regal Rexnord Corporation (NYSE:RRX) by 8.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 155,045 shares of the company’s stock after selling 13,988 shares during the quarter. New York State Common Retirement Fund’s holdings in Regal Rexnord were worth $22,240,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in RRX. AQR Capital Management LLC increased its stake in Regal Rexnord by 208.1% during the first quarter. AQR Capital Management LLC now owns 17,747 shares of the company’s stock valued at $2,011,000 after acquiring an additional 11,987 shares during the period. Jones Financial Companies Lllp lifted its position in shares of Regal Rexnord by 91.6% in the 1st quarter. Jones Financial Companies Lllp now owns 617 shares of the company’s stock worth $70,000 after acquiring an additional 295 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of Regal Rexnord by 135.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after purchasing an additional 127 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Regal Rexnord by 21.2% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 4,105 shares of the company’s stock valued at $623,000 after purchasing an additional 717 shares during the period. Finally, Signaturefd LLC increased its position in shares of Regal Rexnord by 14.2% during the second quarter. Signaturefd LLC now owns 1,040 shares of the company’s stock valued at $151,000 after purchasing an additional 129 shares during the period. Institutional investors own 99.72% of the company’s stock.

Insider Activity at Regal Rexnord

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

Regal Rexnord Stock Performance

NYSE RRX opened at $161.46 on Friday. Regal Rexnord Corporation has a 1-year low of $90.56 and a 1-year high of $163.38. The company has a 50 day moving average of $149.17 and a 200-day moving average of $146.09. The company has a current ratio of 2.05, a quick ratio of 0.97 and a debt-to-equity ratio of 0.71. The firm has a market cap of $10.72 billion, a price-to-earnings ratio of 41.72, a PEG ratio of 1.50 and a beta of 1.12.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Thursday, October 30th. The company reported $2.51 EPS for the quarter, missing the consensus estimate of $2.56 by ($0.05). Regal Rexnord had a return on equity of 9.64% and a net margin of 4.38%.The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the firm earned $2.49 earnings per share. The firm’s revenue was up 1.3% compared to the same quarter last year. On average, equities analysts forecast that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 31st will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.9%. Regal Rexnord’s payout ratio is currently 36.18%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Robert W. Baird set a $212.00 target price on Regal Rexnord in a research report on Friday, October 31st. KeyCorp raised their price objective on shares of Regal Rexnord from $170.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Citigroup lifted their target price on shares of Regal Rexnord from $175.00 to $180.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. decreased their price objective on Regal Rexnord from $200.00 to $190.00 and set an “overweight” rating on the stock in a report on Friday, October 31st. Seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Regal Rexnord has an average rating of “Moderate Buy” and a consensus price target of $180.25.

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.