Weatherly Asset Management L. P. Purchases New Position in Regal Rexnord Co. (NYSE:RRX)

Weatherly Asset Management L. P. purchased a new stake in shares of Regal Rexnord Co. (NYSE:RRX) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,083 shares of the company’s stock, valued at approximately $180,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in shares of Regal Rexnord by 42.7% in 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 during the last quarter. Capital World Investors lifted its stake in shares of Regal Rexnord by 4.7% in the 1st quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock valued at $1,188,615,000 after purchasing an additional 296,941 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Regal Rexnord by 24.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock valued at $152,183,000 after purchasing an additional 222,775 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in shares of Regal Rexnord by 7.1% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock valued at $430,255,000 after purchasing an additional 209,776 shares during the last quarter. Finally, TimesSquare Capital Management LLC lifted its stake in shares of Regal Rexnord by 64.4% in the 1st quarter. TimesSquare Capital Management LLC now owns 466,475 shares of the company’s stock valued at $84,012,000 after purchasing an additional 182,770 shares during the last quarter. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Stock Up 1.5 %

Regal Rexnord stock opened at $169.02 on Friday. Regal Rexnord Co. has a 1-year low of $97.18 and a 1-year high of $183.85. The business has a fifty day moving average price of $165.12 and a 200-day moving average price of $156.06. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38. The stock has a market capitalization of $11.25 billion, a price-to-earnings ratio of -8,451.00, a PEG ratio of 1.76 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last announced its earnings results 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 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 the consensus estimate of $1.51 billion. During the same period in the previous year, the business earned $2.56 EPS. The firm’s revenue for the quarter was down 12.5% on a year-over-year basis. Equities research analysts forecast that Regal Rexnord Co. will post 9.48 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.35 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 annualized dividend and a yield of 0.83%. Regal Rexnord’s dividend payout ratio (DPR) is -7,000.00%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RRX shares. Robert W. Baird raised their price objective on Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. The Goldman Sachs Group increased their price target on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Barclays increased their price target on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. 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. Finally, KeyCorp reduced their price target on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $193.63.

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.