Fmr LLC Reduces Stake in Regal Rexnord Co. (NYSE:RRX)

Fmr LLC lessened its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 6.0% during the 3rd quarter, Holdings Channel reports. The fund owned 6,020,659 shares of the company’s stock after selling 383,307 shares during the quarter. Fmr LLC owned about 0.09% of Regal Rexnord worth $998,707,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of RRX. Harbor Capital Advisors Inc. purchased a new position in Regal Rexnord in the second quarter worth approximately $1,173,000. PNC Financial Services Group Inc. grew its holdings in shares of Regal Rexnord by 29.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock worth $2,042,000 after purchasing an additional 2,783 shares during the period. Natixis Advisors LLC increased its position in shares of Regal Rexnord by 15.3% during the 3rd quarter. Natixis Advisors LLC now owns 86,933 shares of the company’s stock worth $14,420,000 after purchasing an additional 11,568 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Regal Rexnord by 31.4% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,686 shares of the company’s stock valued at $2,662,000 after buying an additional 4,701 shares during the period. Finally, Texas Permanent School Fund Corp lifted its position in Regal Rexnord by 7.0% in the second quarter. Texas Permanent School Fund Corp now owns 62,101 shares of the company’s stock valued at $8,397,000 after buying an additional 4,076 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Stock Performance

Shares of Regal Rexnord stock opened at $169.66 on Thursday. Regal Rexnord Co. has a one year low of $114.18 and a one year high of $185.28. The business has a 50-day simple moving average of $170.79 and a 200-day simple moving average of $157.43. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45. The company has a market cap of $11.24 billion, a PE ratio of 53.52, a P/E/G ratio of 1.97 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.01. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The company’s revenue was down 10.4% on a year-over-year basis. During the same period last year, the business earned $2.10 EPS. On average, equities research analysts forecast that Regal Rexnord Co. will post 9.25 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.83%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord’s dividend payout ratio (DPR) is presently 44.16%.

Insider Buying and Selling

In other news, CEO Louis V. Pinkham sold 8,774 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $180.03, for a total value of $1,579,583.22. Following the completion of the transaction, the chief executive officer now owns 149,618 shares in the company, valued at approximately $26,935,728.54. This represents a 5.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.82% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RRX shares. Barclays boosted their price target on shares of Regal Rexnord from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. The Goldman Sachs Group lifted their price objective on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Robert W. Baird dropped their target price on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Finally, Loop Capital reissued a “buy” rating and set a $200.00 price target on shares of Regal Rexnord in a research report on Thursday, September 19th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $193.00.

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.