Oppenheimer Asset Management Inc. Cuts Position in Regal Rexnord Co. (NYSE:RRX)

Oppenheimer Asset Management Inc. decreased its holdings in Regal Rexnord Co. (NYSE:RRX) by 58.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,596 shares of the company’s stock after selling 2,212 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Regal Rexnord were worth $216,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RRX. The Manufacturers Life Insurance Company raised its stake in shares of Regal Rexnord by 167.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock valued at $140,374,000 after purchasing an additional 593,862 shares during the period. Victory Capital Management Inc. raised its stake in shares of Regal Rexnord by 42.7% during the second quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock valued at $254,832,000 after purchasing an additional 563,853 shares during the period. Schroder Investment Management Group purchased a new stake in shares of Regal Rexnord during the fourth quarter valued at approximately $49,041,000. Capital World Investors raised its stake in shares of Regal Rexnord by 4.7% during the first quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock valued at $1,188,615,000 after purchasing an additional 296,941 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of Regal Rexnord during the fourth quarter valued at approximately $37,768,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Stock Performance

Regal Rexnord stock opened at $169.67 on Monday. The company has a market cap of $11.29 billion, a PE ratio of -353.48, a P/E/G ratio of 1.64 and a beta of 1.04. The company has a fifty day moving average price of $156.45 and a two-hundred day moving average price of $156.84. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38. Regal Rexnord Co. has a 12 month low of $97.18 and a 12 month high of $183.85.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Wednesday, July 31st. The company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.15. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.51 billion. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. The firm’s revenue was down 12.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.56 earnings per share. Research analysts expect that Regal Rexnord Co. will post 9.53 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend is Friday, September 27th. Regal Rexnord’s payout ratio is -291.67%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Loop Capital reissued a “buy” rating and set a $200.00 price target on shares of Regal Rexnord in a research report on Thursday. Raymond James started coverage on shares of Regal Rexnord in a research report on Friday, June 28th. They set a “market perform” rating for the company. StockNews.com downgraded shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, KeyCorp decreased their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $191.29.

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.