B. Riley Wealth Advisors Inc. Invests $292,000 in Regal Rexnord Co. (NYSE:RRX)

B. Riley Wealth Advisors Inc. purchased a new stake in shares of Regal Rexnord Co. (NYSE:RRX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,152 shares of the company’s stock, valued at approximately $292,000.

A number of other hedge funds and other institutional investors have also modified their holdings of RRX. Quarry LP increased its stake in shares of Regal Rexnord by 752.9% during the second quarter. Quarry LP now owns 870 shares of the company’s stock valued at $118,000 after acquiring an additional 768 shares during the period. Creative Planning increased its position in shares of Regal Rexnord by 28.5% during the 2nd quarter. Creative Planning now owns 2,805 shares of the company’s stock valued at $379,000 after purchasing an additional 622 shares during the period. Algert Global LLC acquired a new position in shares of Regal Rexnord during the 2nd quarter valued at $2,189,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Regal Rexnord by 24.7% in the second quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock valued at $152,183,000 after buying an additional 222,775 shares during the period. Finally, Millennium Management LLC boosted its stake in Regal Rexnord by 1,108.9% during the second quarter. Millennium Management LLC now owns 96,819 shares of the company’s stock valued at $13,092,000 after buying an additional 88,810 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors.

Regal Rexnord Stock Performance

Shares of Regal Rexnord stock opened at $165.49 on Wednesday. The stock has a market cap of $11.01 billion, a PE ratio of -344.77, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. Regal Rexnord Co. has a 12 month low of $97.18 and a 12 month high of $183.85. The company has a quick ratio of 1.38, a current ratio of 2.45 and a debt-to-equity ratio of 0.91. The business has a fifty day simple moving average of $159.82 and a 200-day simple moving average of $156.15.

Regal Rexnord (NYSE:RRX) last released its earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.15. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The business’s revenue for the quarter was down 12.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.56 EPS. On average, sell-side analysts anticipate that Regal Rexnord Co. will post 9.48 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The business 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 dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s dividend payout ratio (DPR) is currently -291.67%.

Analyst Ratings Changes

Several brokerages have commented on RRX. Barclays boosted their price target on shares of Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Robert W. Baird increased their target price on shares of Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. StockNews.com lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Tuesday. KeyCorp cut 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. Finally, Raymond James assumed coverage on Regal Rexnord in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $192.71.

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.