Retirement Systems of Alabama Increases Position in Regal Rexnord Corporation $RRX

Retirement Systems of Alabama lifted its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 0.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 154,177 shares of the company’s stock after acquiring an additional 470 shares during the quarter. Retirement Systems of Alabama owned 0.23% of Regal Rexnord worth $22,349,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of RRX. Nordea Investment Management AB purchased a new stake in shares of Regal Rexnord during the second quarter worth about $224,889,000. Nuveen LLC purchased a new stake in shares of Regal Rexnord during the first quarter worth about $117,996,000. Invesco Ltd. increased its position in shares of Regal Rexnord by 76.3% during the first quarter. Invesco Ltd. now owns 932,829 shares of the company’s stock worth $106,203,000 after acquiring an additional 403,845 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Regal Rexnord by 30.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company’s stock worth $194,955,000 after purchasing an additional 396,737 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Regal Rexnord by 11.9% in the first quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company’s stock worth $277,435,000 after purchasing an additional 259,885 shares in the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Stock Down 2.9%

NYSE:RRX opened at $140.81 on Friday. The firm has a market capitalization of $9.35 billion, a PE ratio of 36.38, a price-to-earnings-growth ratio of 1.52 and a beta of 1.16. The stock has a 50 day moving average of $144.82 and a 200-day moving average of $140.16. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $185.28. The company has a current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Friday, September 8th. The company reported $2.76 EPS for the quarter. The company had revenue of $1.85 billion during the quarter. Regal Rexnord had a return on equity of 9.75% and a net margin of 4.38%. Analysts predict that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 14th. Stockholders of record on Wednesday, December 31st will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, December 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. Regal Rexnord’s payout ratio is currently 36.18%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. decreased their price target on Regal Rexnord from $200.00 to $190.00 and set an “overweight” rating for the company in a research note on Friday. Wall Street Zen downgraded Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Sunday, September 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research note on Wednesday, October 8th. The Goldman Sachs Group decreased their price target on Regal Rexnord from $192.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, September 16th. Finally, Barclays decreased their price target on Regal Rexnord from $163.00 to $161.00 and set an “overweight” rating for the company in a research note on Tuesday, September 16th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $184.13.

About Regal Rexnord

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.