Norges Bank Invests $235.19 Million in Regal Rexnord Co. (NYSE:RRX)

Norges Bank bought a new position in shares of Regal Rexnord Co. (NYSE:RRX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,516,072 shares of the company’s stock, valued at approximately $235,188,000. Norges Bank owned about 2.29% of Regal Rexnord as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Point72 Asset Management L.P. bought a new position in shares of Regal Rexnord during the 3rd quarter valued at about $83,460,000. Victory Capital Management Inc. boosted its stake in Regal Rexnord by 20.1% during the fourth quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company’s stock valued at $337,712,000 after buying an additional 363,728 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Regal Rexnord by 56.8% during the fourth quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company’s stock valued at $106,106,000 after buying an additional 247,673 shares during the last quarter. TimesSquare Capital Management LLC grew its holdings in Regal Rexnord by 35.7% during the 4th quarter. TimesSquare Capital Management LLC now owns 884,095 shares of the company’s stock valued at $137,150,000 after buying an additional 232,509 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Regal Rexnord in the 4th quarter worth approximately $22,325,000. 99.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on RRX. Jefferies Financial Group initiated coverage on Regal Rexnord in a research report on Thursday, December 12th. They set a “buy” rating and a $215.00 target price for the company. Barclays lowered their price objective on shares of Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating for the company in a research report on Wednesday, March 26th. The Goldman Sachs Group boosted their target price on shares of Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. StockNews.com downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 16th. Finally, Oppenheimer dropped their price target on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $195.13.

Regal Rexnord Price Performance

RRX stock opened at $118.03 on Monday. The stock has a market cap of $7.82 billion, a PE ratio of 40.01, a P/E/G ratio of 1.37 and a beta of 1.11. Regal Rexnord Co. has a 12 month low of $113.73 and a 12 month high of $185.28. The company has a 50-day moving average price of $136.06 and a 200 day moving average price of $155.67. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. Equities research analysts anticipate that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a $0.35 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 1.19%. Regal Rexnord’s payout ratio is 47.46%.

Regal Rexnord Company 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.