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

Sanctuary Advisors LLC bought a new stake in shares of Regal Rexnord Co. (NYSE:RRX) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,944 shares of the company’s stock, valued at approximately $263,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Headlands Technologies LLC bought a new position in Regal Rexnord in the second quarter worth $46,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Regal Rexnord in the second quarter worth $52,000. EntryPoint Capital LLC purchased a new stake in shares of Regal Rexnord in the first quarter worth $68,000. Riverview Trust Co purchased a new stake in shares of Regal Rexnord in the first quarter worth $75,000. Finally, GAMMA Investing LLC grew its stake in shares of Regal Rexnord by 13.9% in the second quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock worth $87,000 after acquiring an additional 79 shares during the last quarter. Institutional investors own 99.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RRX. Barclays increased their target price on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Raymond James started coverage on Regal Rexnord in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Citigroup started coverage on Regal Rexnord in a research report on Monday, October 14th. They set a “buy” rating and a $200.00 price objective on the stock. The Goldman Sachs Group increased their price objective on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird raised their target price on Regal Rexnord from $208.00 to $213.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $193.63.

Regal Rexnord Stock Up 0.3 %

Shares of RRX opened at $177.08 on Friday. The business’s 50 day moving average is $162.96 and its 200 day moving average is $156.03. The company has a market capitalization of $11.78 billion, a PE ratio of -368.92, a price-to-earnings-growth ratio of 1.87 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 current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) 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 the consensus estimate of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The firm’s quarterly revenue was down 12.5% on a year-over-year basis. During the same quarter last year, the company earned $2.56 EPS. Research analysts expect that Regal Rexnord Co. will post 9.48 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.79%. The ex-dividend date was Friday, September 27th. Regal Rexnord’s dividend payout ratio is presently -291.67%.

About Regal Rexnord

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.