Amalgamated Bank Lowers Holdings in Regal Rexnord Co. (NYSE:RRX)

Amalgamated Bank lowered its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 15.3% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 33,616 shares of the company’s stock after selling 6,089 shares during the period. Amalgamated Bank owned about 0.05% of Regal Rexnord worth $4,546,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Rise Advisors LLC acquired a new stake in Regal Rexnord during the first quarter worth about $33,000. Headlands Technologies LLC purchased a new stake in Regal Rexnord in the 2nd quarter worth approximately $46,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Regal Rexnord during the 2nd quarter worth approximately $52,000. EntryPoint Capital LLC purchased a new position in shares of Regal Rexnord during the 1st quarter valued at approximately $68,000. Finally, Riverview Trust Co acquired a new position in shares of Regal Rexnord in the 1st quarter valued at $75,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of Regal Rexnord stock opened at $169.67 on Friday. The stock has a market capitalization of $11.29 billion, a P/E ratio of -353.48, a PEG ratio of 1.64 and a beta of 1.04. The business has a 50 day simple moving average of $156.45 and a two-hundred day simple moving average of $156.91. Regal Rexnord Co. has a 12 month low of $97.18 and a 12 month high of $183.85. 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 (NYSE:RRX) last released its earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 negative net margin of 0.02% and a positive return on equity of 9.16%. The company’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.56 earnings per share. As a group, analysts predict that Regal Rexnord Co. will post 9.53 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm 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 is Friday, September 27th. Regal Rexnord’s dividend payout ratio (DPR) is -291.67%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Barclays dropped their price target on shares of Regal Rexnord from $181.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. The Goldman Sachs Group raised their target price on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. StockNews.com cut Regal Rexnord from a “buy” rating to a “hold” rating in a report on Thursday. Robert W. Baird raised their price objective on Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Raymond James assumed coverage on Regal Rexnord in a research note on Friday, June 28th. They set a “market perform” rating for the company. Two research analysts have rated the stock with a hold rating and seven have assigned 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 $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.