Pallas Capital Advisors LLC Purchases 6,006 Shares of Regal Rexnord Co. (NYSE:RRX)

Pallas Capital Advisors LLC lifted its position in shares of Regal Rexnord Co. (NYSE:RRX) by 43.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,826 shares of the company’s stock after purchasing an additional 6,006 shares during the period. Pallas Capital Advisors LLC’s holdings in Regal Rexnord were worth $3,332,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its stake in shares of Regal Rexnord by 2.7% in the third quarter. Nisa Investment Advisors LLC now owns 3,616 shares of the company’s stock worth $601,000 after acquiring an additional 95 shares during the period. State of Alaska Department of Revenue lifted its stake in Regal Rexnord by 7.2% in the third quarter. State of Alaska Department of Revenue now owns 7,714 shares of the company’s stock valued at $1,279,000 after buying an additional 520 shares during the period. Mayfair Advisory Group LLC acquired a new position in Regal Rexnord in the third quarter valued at approximately $229,000. Tectonic Advisors LLC lifted its stake in Regal Rexnord by 9.4% in the third quarter. Tectonic Advisors LLC now owns 1,987 shares of the company’s stock valued at $330,000 after buying an additional 170 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in Regal Rexnord by 87,585.7% in the third quarter. International Assets Investment Management LLC now owns 6,138 shares of the company’s stock valued at $1,018,000 after buying an additional 6,131 shares during the period. 99.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Citigroup started coverage on Regal Rexnord in a research note on Monday, October 14th. They issued a “buy” rating and a $200.00 price target on the stock. KeyCorp lowered their target price on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Loop Capital reaffirmed a “buy” rating and set a $200.00 target price on shares of Regal Rexnord in a research report on Thursday, September 19th. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Finally, Barclays upped their target price on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $193.63.

Regal Rexnord Stock Performance

NYSE:RRX opened at $170.86 on Tuesday. The business’s 50-day moving average price is $164.34 and its two-hundred day moving average price is $155.82. Regal Rexnord Co. has a twelve month low of $97.18 and a twelve month high of $183.85. The stock has a market cap of $11.37 billion, a P/E ratio of -8,589.00, a PEG ratio of 1.76 and a beta of 1.04. The company has a quick ratio of 1.38, a current ratio of 2.45 and a debt-to-equity ratio of 0.91.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.14 by $0.15. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the prior year, the company earned $2.56 EPS. The company’s revenue was down 12.5% on a year-over-year basis. As a group, equities analysts predict that Regal Rexnord Co. will post 9.48 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be given a $0.35 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.82%. Regal Rexnord’s dividend payout ratio is currently -7,000.00%.

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.