State of New Jersey Common Pension Fund D Purchases 1,183 Shares of Regal Rexnord Co. (NYSE:RRX)

State of New Jersey Common Pension Fund D boosted its stake in Regal Rexnord Co. (NYSE:RRX) by 3.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,338 shares of the company’s stock after purchasing an additional 1,183 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.06% of Regal Rexnord worth $5,527,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RRX. Allspring Global Investments Holdings LLC grew its position in Regal Rexnord by 80.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock worth $75,382,000 after purchasing an additional 226,435 shares in the last quarter. WCM Investment Management LLC raised its holdings in Regal Rexnord by 56.8% in the 4th quarter. WCM Investment Management LLC now owns 144,139 shares of the company’s stock worth $21,549,000 after purchasing an additional 52,214 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Regal Rexnord by 13.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 354,484 shares of the company’s stock worth $50,649,000 after acquiring an additional 42,110 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in Regal Rexnord by 7.1% during the third quarter. O Shaughnessy Asset Management LLC now owns 3,834 shares of the company’s stock worth $548,000 after acquiring an additional 253 shares in the last quarter. Finally, UBS Group AG increased its holdings in shares of Regal Rexnord by 58.8% during the third quarter. UBS Group AG now owns 90,990 shares of the company’s stock valued at $13,001,000 after acquiring an additional 33,689 shares in the last quarter. 99.72% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Jerrald R. Morton sold 2,992 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $154.34, for a total value of $461,785.28. Following the completion of the sale, the executive vice president now owns 15,884 shares of the company’s stock, valued at $2,451,536.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Regal Rexnord news, EVP Thomas E. Valentyn sold 647 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total transaction of $109,795.90. Following the sale, the executive vice president now directly owns 28,412 shares in the company, valued at approximately $4,821,516.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jerrald R. Morton sold 2,992 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $154.34, for a total value of $461,785.28. Following the completion of the transaction, the executive vice president now owns 15,884 shares in the company, valued at approximately $2,451,536.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,570 shares of company stock worth $892,301. 0.82% of the stock is owned by corporate insiders.

Regal Rexnord Price Performance

RRX stock traded up $2.14 during trading on Friday, hitting $164.11. The stock had a trading volume of 285,168 shares, compared to its average volume of 458,037. The company has a current ratio of 2.55, a quick ratio of 1.59 and a debt-to-equity ratio of 1.00. The company’s 50-day moving average price is $169.87 and its two-hundred day moving average price is $144.61. Regal Rexnord Co. has a twelve month low of $97.18 and a twelve month high of $183.85.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Wednesday, February 7th. The company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.02. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. The company’s revenue was up 29.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.64 EPS. As a group, equities research analysts anticipate that Regal Rexnord Co. will post 10.05 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.85%. The ex-dividend date of this dividend is Friday, June 28th. Regal Rexnord’s dividend payout ratio (DPR) is presently -160.92%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RRX. Barclays increased their price target on Regal Rexnord from $200.00 to $203.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. KeyCorp raised their price target on Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a report on Monday, March 25th. Finally, Oppenheimer increased their price target on shares of Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, March 13th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $197.00.

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.