Interval Partners LP Makes New $13.57 Million Investment in Regal Rexnord Co. (NYSE:RRX)

Interval Partners LP acquired a new stake in Regal Rexnord Co. (NYSE:RRX) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 75,361 shares of the company’s stock, valued at approximately $13,573,000. Interval Partners LP owned approximately 0.11% of Regal Rexnord at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Regal Rexnord by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock valued at $1,004,848,000 after purchasing an additional 24,847 shares in the last quarter. Capital World Investors raised its position in Regal Rexnord by 4.7% in the first quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock worth $1,188,615,000 after acquiring an additional 296,941 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Regal Rexnord by 4.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,532,578 shares of the company’s stock valued at $522,892,000 after acquiring an additional 135,154 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Regal Rexnord by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,397,492 shares of the company’s stock worth $206,862,000 after purchasing an additional 30,688 shares during the period. Finally, Norges Bank purchased a new position in shares of Regal Rexnord in the 4th quarter valued at about $180,918,000. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RRX has been the topic of a number of research analyst reports. Robert W. Baird boosted their target price on Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. KeyCorp lowered their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. StockNews.com downgraded shares of Regal Rexnord from a “buy” rating to a “hold” rating in a report on Thursday, July 4th. Barclays reduced their price objective on Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Finally, Raymond James started coverage on shares of Regal Rexnord in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $188.00.

Regal Rexnord Stock Up 1.7 %

NYSE:RRX traded up $2.70 during trading hours on Tuesday, hitting $158.46. The stock had a trading volume of 692,244 shares, compared to its average volume of 450,953. The business has a 50 day simple moving average of $144.05 and a two-hundred day simple moving average of $154.81. Regal Rexnord Co. has a 1-year low of $97.18 and a 1-year high of $183.85. The company has a current ratio of 2.62, a quick ratio of 1.56 and a debt-to-equity ratio of 0.99. The company has a market cap of $10.54 billion, a PE ratio of -327.75, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.02. Regal Rexnord had a negative net margin of 0.48% and a positive return on equity of 9.42%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same period last year, the business earned $2.22 EPS. The business’s revenue was up 26.4% on a year-over-year basis. Analysts predict that Regal Rexnord Co. will post 9.73 EPS for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Friday, September 27th. Regal Rexnord’s dividend payout ratio is currently -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.