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

Oppenheimer Asset Management Inc. raised its holdings in Regal Rexnord Co. (NYSE:RRX) by 21.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,934 shares of the company’s stock after buying an additional 338 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Regal Rexnord were worth $321,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Headlands Technologies LLC purchased a new position in Regal Rexnord in the 2nd quarter valued at approximately $46,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Regal Rexnord in the second quarter valued at approximately $52,000. UMB Bank n.a. increased its stake in Regal Rexnord by 72.5% during the 3rd quarter. UMB Bank n.a. now owns 345 shares of the company’s stock valued at $57,000 after buying an additional 145 shares during the period. EntryPoint Capital LLC acquired a new position in Regal Rexnord during the first quarter worth about $68,000. Finally, GAMMA Investing LLC boosted its position in shares of Regal Rexnord by 13.9% in 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. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Louis V. Pinkham sold 8,774 shares of Regal Rexnord stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the completion of the sale, the chief executive officer now owns 149,618 shares in the company, valued at approximately $26,935,728.54. This trade represents a 5.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.82% of the stock is currently owned by insiders.

Regal Rexnord Trading Down 0.5 %

Shares of RRX stock opened at $171.16 on Thursday. The stock’s fifty day simple moving average is $168.70 and its 200 day simple moving average is $156.93. The company has a quick ratio of 1.35, a current ratio of 2.45 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a twelve month low of $113.79 and a twelve month high of $185.28. The firm has a market capitalization of $11.34 billion, a P/E ratio of 52.72, a P/E/G ratio of 1.83 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.01. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the company posted $2.10 earnings per share. The firm’s revenue for the quarter was down 10.4% on a year-over-year basis. As a group, sell-side analysts predict that Regal Rexnord Co. will post 9.25 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 annualized dividend and a dividend yield of 0.82%. Regal Rexnord’s dividend payout ratio is currently 44.16%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Robert W. Baird decreased their price target on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Loop Capital reissued a “buy” rating and set a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. Barclays boosted their target price on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Finally, StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $193.00.

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.