Sanctuary Advisors LLC Lowers Position in Regal Rexnord Co. (NYSE:RRX)

Sanctuary Advisors LLC lessened its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 7.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,806 shares of the company’s stock after selling 138 shares during the period. Sanctuary Advisors LLC’s holdings in Regal Rexnord were worth $320,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of RRX. Victory Capital Management Inc. increased its holdings in Regal Rexnord by 42.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock worth $254,832,000 after acquiring an additional 563,853 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Regal Rexnord in the third quarter worth $83,460,000. Westfield Capital Management Co. LP raised its position in shares of Regal Rexnord by 68.9% during the 3rd quarter. Westfield Capital Management Co. LP now owns 979,521 shares of the company’s stock valued at $162,483,000 after purchasing an additional 399,649 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Regal Rexnord by 24.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock valued at $152,183,000 after purchasing an additional 222,775 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its stake in shares of Regal Rexnord by 7.1% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock valued at $430,255,000 after buying an additional 209,776 shares in the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Trading Down 1.8 %

Shares of NYSE RRX opened at $156.50 on Friday. The business’s 50 day moving average price is $169.52 and its 200-day moving average price is $159.55. Regal Rexnord Co. has a fifty-two week low of $130.94 and a fifty-two week high of $185.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45. The company has a market cap of $10.36 billion, a price-to-earnings ratio of 49.37, a PEG ratio of 1.83 and a beta of 1.03.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.01. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The firm’s quarterly revenue was down 10.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.10 EPS. On average, sell-side analysts expect that Regal Rexnord Co. will post 9.24 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be paid 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 0.89%. Regal Rexnord’s dividend payout ratio is currently 44.16%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RRX. Barclays upped their price objective on Regal Rexnord from $190.00 to $205.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. StockNews.com upgraded Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Robert W. Baird reduced their price objective 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. Jefferies Financial Group began coverage on shares of Regal Rexnord in a research report on Thursday, December 12th. They set a “buy” rating and a $215.00 target price for the company. Finally, The Goldman Sachs Group lifted their price target on shares of Regal Rexnord from $191.00 to $213.00 and gave the company a “buy” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $205.13.

Insider Activity at Regal Rexnord

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

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.