State of Michigan Retirement System Acquires 400 Shares of Regal Rexnord Co. (NYSE:RRX)

State of Michigan Retirement System increased its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 2.5% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,301 shares of the company’s stock after purchasing an additional 400 shares during the quarter. State of Michigan Retirement System’s holdings in Regal Rexnord were worth $2,936,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of RRX. Hsbc Holdings PLC increased its stake in Regal Rexnord by 27.4% during the 3rd quarter. Hsbc Holdings PLC now owns 2,902 shares of the company’s stock worth $415,000 after purchasing an additional 625 shares in the last quarter. Mariner LLC grew its stake in shares of Regal Rexnord by 2.1% during the 3rd quarter. Mariner LLC now owns 5,525 shares of the company’s stock worth $789,000 after acquiring an additional 113 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Regal Rexnord by 7.1% during the 3rd 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. Tower Research Capital LLC TRC grew its stake in shares of Regal Rexnord by 8.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 4,600 shares of the company’s stock worth $657,000 after acquiring an additional 340 shares in the last quarter. Finally, Gotham Asset Management LLC grew its stake in shares of Regal Rexnord by 38.2% during the 3rd quarter. Gotham Asset Management LLC now owns 10,838 shares of the company’s stock worth $1,549,000 after acquiring an additional 2,998 shares in the last quarter. 99.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RRX. Oppenheimer raised their price target on shares of Regal Rexnord from $185.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 13th. StockNews.com cut shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research note on Thursday. Raymond James started coverage on shares of Regal Rexnord in a research note on Friday, June 28th. They set a “market perform” rating for the company. Barclays decreased their target price on shares of Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Finally, Robert W. Baird raised their target price on shares of Regal Rexnord from $205.00 to $208.00 and gave the company an “outperform” rating in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Regal Rexnord presently has an average rating of “Moderate Buy” and an average target price of $192.00.

Regal Rexnord Price Performance

NYSE:RRX opened at $135.65 on Thursday. Regal Rexnord Co. has a 1-year low of $97.18 and a 1-year high of $183.85. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.62 and a quick ratio of 1.56. The firm has a fifty day simple moving average of $149.76 and a 200 day simple moving average of $154.59.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Monday, May 6th. The company reported $2.00 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter last year, the firm posted $2.22 EPS. The company’s quarterly revenue was up 26.4% on a year-over-year basis. On average, sell-side analysts expect that Regal Rexnord Co. will post 9.73 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 dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend is Friday, June 28th. Regal Rexnord’s dividend payout ratio is -291.67%.

Regal Rexnord 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.