Proficio Capital Partners LLC Purchases New Position in Regal Rexnord Co. (NYSE:RRX)

Proficio Capital Partners LLC purchased a new position in Regal Rexnord Co. (NYSE:RRX) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 39,122 shares of the company’s stock, valued at approximately $6,069,000.

Several other large investors also recently added to or reduced their stakes in RRX. JPMorgan Chase & Co. boosted its position in shares of Regal Rexnord by 6.9% during the third quarter. JPMorgan Chase & Co. now owns 436,307 shares of the company’s stock valued at $72,375,000 after buying an additional 28,278 shares during the period. Geode Capital Management LLC lifted its stake in shares of Regal Rexnord by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company’s stock worth $183,195,000 after acquiring an additional 9,338 shares during the last quarter. First Hawaiian Bank purchased a new position in Regal Rexnord during the 4th quarter valued at $811,000. PNC Financial Services Group Inc. grew its position in Regal Rexnord by 29.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock valued at $2,042,000 after acquiring an additional 2,783 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Regal Rexnord by 7.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company’s stock valued at $204,254,000 after acquiring an additional 77,215 shares during the last quarter. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Stock Performance

Shares of NYSE:RRX opened at $123.60 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $8.19 billion, a price-to-earnings ratio of 41.90, a price-to-earnings-growth ratio of 1.37 and a beta of 1.03. The firm has a 50 day moving average of $150.13 and a 200 day moving average of $160.99. Regal Rexnord Co. has a 52 week low of $121.53 and a 52 week high of $185.28.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $2.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. On average, sell-side analysts predict that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date is Monday, March 31st. Regal Rexnord’s payout ratio is currently 47.46%.

Analyst Ratings Changes

RRX has been the subject of a number of recent analyst reports. Oppenheimer lowered their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Citigroup dropped their target price on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. StockNews.com downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 16th. Robert W. Baird lowered their price target on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Finally, Jefferies Financial Group began coverage on Regal Rexnord in a report on Thursday, December 12th. They set a “buy” rating and a $215.00 price objective on the stock. One equities 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 target price of $197.75.

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.