Park Avenue Securities LLC Lowers Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Park Avenue Securities LLC lowered its holdings in Regal Rexnord Co. (NYSE:RRX) by 9.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,452 shares of the company’s stock after selling 148 shares during the period. Park Avenue Securities LLC’s holdings in Regal Rexnord were worth $261,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in RRX. Rise Advisors LLC purchased a new stake in shares of Regal Rexnord in the first quarter valued at $33,000. GAMMA Investing LLC purchased a new stake in shares of Regal Rexnord in the fourth quarter valued at $58,000. ICA Group Wealth Management LLC purchased a new stake in shares of Regal Rexnord in the fourth quarter valued at $70,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Regal Rexnord in the fourth quarter valued at $100,000. Finally, Global Retirement Partners LLC grew its position in shares of Regal Rexnord by 63.9% in the fourth quarter. Global Retirement Partners LLC now owns 808 shares of the company’s stock valued at $109,000 after purchasing an additional 315 shares during the period. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of NYSE RRX opened at $132.13 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.62 and a quick ratio of 1.56. Regal Rexnord Co. has a 1-year low of $97.18 and a 1-year high of $183.85. The business has a 50-day moving average of $150.99 and a 200-day moving average of $154.81. The company has a market capitalization of $8.79 billion, a price-to-earnings ratio of -275.27, a PEG ratio of 1.38 and a beta of 1.06.

Regal Rexnord (NYSE:RRX) last released its quarterly 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. Regal Rexnord had a positive return on equity of 9.42% and a negative net margin of 0.48%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same quarter in the previous year, the firm posted $2.22 earnings per share. The company’s revenue was up 26.4% compared to the same quarter last year. On average, equities analysts anticipate that Regal Rexnord Co. will post 9.82 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. Investors of record on Friday, June 28th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Friday, June 28th. Regal Rexnord’s dividend payout ratio (DPR) is -291.67%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RRX shares. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, June 26th. Robert W. Baird boosted their price target on Regal Rexnord from $205.00 to $208.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Raymond James started coverage on Regal Rexnord in a research report on Friday. They set a “market perform” rating for the company. Oppenheimer boosted their price target on Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, March 13th. Finally, Barclays lowered their price target on Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $192.00.

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.