American International Group Inc. Trims Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

American International Group Inc. cut its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 4.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 89,621 shares of the company’s stock after selling 3,803 shares during the quarter. American International Group Inc. owned approximately 0.14% of Regal Rexnord worth $13,266,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in RRX. Massachusetts Financial Services Co. MA increased its stake in shares of Regal Rexnord by 4.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,532,578 shares of the company’s stock worth $522,892,000 after buying an additional 135,154 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Regal Rexnord by 2.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,397,492 shares of the company’s stock worth $206,862,000 after purchasing an additional 30,688 shares during the last quarter. Norges Bank acquired a new stake in shares of Regal Rexnord in the 4th quarter valued at about $180,918,000. Franklin Resources Inc. lifted its position in shares of Regal Rexnord by 87.3% during the fourth quarter. Franklin Resources Inc. now owns 1,001,545 shares of the company’s stock worth $148,249,000 after purchasing an additional 466,820 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Regal Rexnord by 167.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock worth $140,374,000 after purchasing an additional 593,862 shares in the last quarter. 99.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on RRX shares. KeyCorp increased their target price on Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a report on Monday, March 25th. Barclays decreased their price objective on shares of Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Robert W. Baird increased their target price on shares of Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. Oppenheimer lifted 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. Finally, StockNews.com lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research note on Monday, June 10th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Regal Rexnord has an average rating of “Moderate Buy” and a consensus price target of $192.00.

Regal Rexnord Trading Down 3.0 %

Regal Rexnord stock opened at $138.52 on Monday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.56 and a current ratio of 2.62. Regal Rexnord Co. has a one year low of $97.18 and a one year high of $183.85. The company has a 50-day simple moving average of $156.56 and a 200-day simple moving average of $153.99.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Monday, May 6th. The company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.98 by $0.02. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. Regal Rexnord had a negative net margin of 0.48% and a positive return on equity of 9.42%. Regal Rexnord’s quarterly revenue was up 26.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.22 EPS. On average, sell-side analysts forecast that Regal Rexnord Co. will post 9.82 EPS for the current year.

Regal Rexnord Dividend Announcement

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 given a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 1.01%. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

Regal Rexnord Company Profile

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.