Artemis Investment Management LLP Sells 17,477 Shares of Regal Rexnord Co. (NYSE:RRX)

Artemis Investment Management LLP lessened its stake in Regal Rexnord Co. (NYSE:RRX) by 11.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 134,183 shares of the company’s stock after selling 17,477 shares during the period. Artemis Investment Management LLP owned approximately 0.20% of Regal Rexnord worth $22,258,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of RRX. GAMMA Investing LLC grew its stake in shares of Regal Rexnord by 13.9% during the 2nd quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock valued at $87,000 after purchasing an additional 79 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in Regal Rexnord by 2.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 3,808 shares of the company’s stock worth $686,000 after purchasing an additional 95 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Regal Rexnord by 3.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,282 shares of the company’s stock worth $591,000 after buying an additional 102 shares in the last quarter. Industrial Alliance Investment Management Inc. lifted its position in shares of Regal Rexnord by 4.4% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 2,697 shares of the company’s stock valued at $486,000 after buying an additional 113 shares in the last quarter. Finally, Raymond James Trust N.A. raised its stake in Regal Rexnord by 5.7% during the 2nd quarter. Raymond James Trust N.A. now owns 2,988 shares of the company’s stock worth $404,000 after acquiring an additional 161 shares during the period. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Stock Down 2.3 %

Shares of NYSE:RRX opened at $165.49 on Wednesday. The company has a 50-day moving average price of $159.82 and a 200 day moving average price of $156.15. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91. Regal Rexnord Co. has a 12 month low of $97.18 and a 12 month high of $183.85. The company has a market cap of $11.01 billion, a price-to-earnings ratio of -344.77, a PEG ratio of 1.74 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.15. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The company’s revenue for the quarter was down 12.5% on a year-over-year basis. During the same period last year, the company earned $2.56 EPS. As a group, equities research analysts predict that Regal Rexnord Co. will post 9.48 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.85%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s dividend payout ratio is currently -291.67%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RRX. The Goldman Sachs Group upped their target price on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Barclays upped their target price on shares of Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Robert W. Baird boosted their price target on shares of Regal Rexnord from $208.00 to $213.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. StockNews.com lowered Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Loop Capital reiterated a “buy” rating and issued a $200.00 target price on shares of Regal Rexnord in a research report on Thursday, September 19th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus target price of $192.71.

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.