ProShare Advisors LLC Has $25.43 Million Position in Regal Rexnord Co. (NYSE:RRX)

ProShare Advisors LLC cut its position in Regal Rexnord Co. (NYSE:RRX) by 14.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 188,037 shares of the company’s stock after selling 32,361 shares during the period. ProShare Advisors LLC owned about 0.28% of Regal Rexnord worth $25,426,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of RRX. The Manufacturers Life Insurance Company raised its stake in Regal Rexnord by 167.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock worth $140,374,000 after buying an additional 593,862 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Regal Rexnord by 42.7% during the 2nd quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock valued at $254,832,000 after purchasing an additional 563,853 shares in the last quarter. Schroder Investment Management Group acquired a new position in shares of Regal Rexnord in the 4th quarter valued at approximately $49,041,000. Capital World Investors increased its stake in Regal Rexnord by 4.7% during the 1st quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock worth $1,188,615,000 after purchasing an additional 296,941 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings in 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 worth $430,255,000 after buying an additional 209,776 shares during the period. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Price Performance

Shares of RRX opened at $167.81 on Tuesday. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91. The company’s fifty day simple moving average is $156.80 and its 200 day simple moving average 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 price-to-earnings ratio of -349.60, a PEG ratio of 1.64 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the business earned $2.56 EPS. Regal Rexnord’s revenue for the quarter was down 12.5% compared to the same quarter last year. On average, research analysts forecast that Regal Rexnord Co. will post 9.53 earnings per share 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. Stockholders of record on Friday, September 27th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, September 27th. This represents a $1.40 annualized dividend and a dividend yield of 0.83%. Regal Rexnord’s dividend payout ratio is currently -291.67%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Loop Capital reiterated a “buy” rating and issued a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. StockNews.com downgraded Regal Rexnord from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. Barclays decreased their price objective on Regal Rexnord from $181.00 to $180.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. KeyCorp cut their target price on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Raymond James started coverage on shares of Regal Rexnord in a research note on Friday, June 28th. They set a “market perform” rating for the company. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.