Regal Rexnord Co. (NYSE:RRX) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lowered its position in shares of Regal Rexnord Co. (NYSE:RRX) by 31.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,339 shares of the company’s stock after selling 1,061 shares during the period. Commonwealth Equity Services LLC’s holdings in Regal Rexnord were worth $316,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new position in Regal Rexnord during the fourth quarter worth approximately $325,000. Corient Private Wealth LLC raised its position in Regal Rexnord by 79.9% in the 4th quarter. Corient Private Wealth LLC now owns 8,318 shares of the company’s stock valued at $1,231,000 after purchasing an additional 3,694 shares during the last quarter. Assetmark Inc. boosted its stake in Regal Rexnord by 33.1% during the 4th quarter. Assetmark Inc. now owns 6,204 shares of the company’s stock worth $918,000 after purchasing an additional 1,542 shares during the period. TD Asset Management Inc grew its position in Regal Rexnord by 128.4% during the 4th quarter. TD Asset Management Inc now owns 8,227 shares of the company’s stock worth $1,218,000 after purchasing an additional 4,625 shares during the last quarter. Finally, Stifel Financial Corp grew its position in Regal Rexnord by 32.2% during the 4th quarter. Stifel Financial Corp now owns 61,496 shares of the company’s stock worth $9,103,000 after purchasing an additional 14,963 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RRX. The Goldman Sachs Group increased their target price on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. KeyCorp decreased their price objective on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Barclays dropped their target price on Regal Rexnord from $181.00 to $180.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Raymond James began coverage on Regal Rexnord in a report on Friday, June 28th. They set a “market perform” rating for the company. Finally, StockNews.com lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating 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 company. According to data from MarketBeat, Regal Rexnord presently has an average rating of “Moderate Buy” and an average target price of $191.29.

Regal Rexnord Stock Down 1.1 %

Regal Rexnord stock opened at $167.81 on Tuesday. The stock’s 50 day moving average price is $156.80 and its 200 day moving average price is $156.83. Regal Rexnord Co. has a 1-year low of $97.18 and a 1-year high of $183.85. The company has a market cap of $11.16 billion, a PE ratio of -349.60, a price-to-earnings-growth ratio of 1.64 and a beta of 1.04. 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 posted its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.15. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the prior year, the company posted $2.56 EPS. The business’s revenue for the quarter was down 12.5% on a year-over-year basis. On average, sell-side analysts predict that Regal Rexnord Co. will post 9.53 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

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

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.