MESIROW FINANCIAL INVESTMENT MANAGEMENT Equity & Fixed Income Takes Position in Regal Rexnord Co. (NYSE:RRX)

MESIROW FINANCIAL INVESTMENT MANAGEMENT Equity & Fixed Income purchased a new stake in Regal Rexnord Co. (NYSE:RRX – Get Rating) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 19,285 shares of the company’s stock, valued at approximately $2,869,000.

A number of other hedge funds have also made changes to their positions in the company. abrdn plc purchased a new stake in Regal Rexnord during the 1st quarter worth about $706,000. Foster & Motley Inc. purchased a new stake in Regal Rexnord during the 1st quarter worth about $286,000. Verdence Capital Advisors LLC purchased a new stake in Regal Rexnord during the 1st quarter worth about $332,000. Mitchell Capital Management Co. purchased a new stake in Regal Rexnord during the 1st quarter worth about $3,023,000. Finally, Private Capital Group LLC acquired a new stake in Regal Rexnord in the 1st quarter worth about $192,000. Hedge funds and other institutional investors own 98.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RRX. The Goldman Sachs Group reduced their price objective on Regal Rexnord from $181.00 to $150.00 and set a “buy” rating on the stock in a research note on Thursday, June 23rd. Robert W. Baird lifted their price objective on Regal Rexnord from $146.00 to $158.00 in a research note on Wednesday. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Friday, July 8th. KeyCorp reduced their price objective on Regal Rexnord from $185.00 to $155.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 12th. Finally, Barclays lifted their price objective on Regal Rexnord from $140.00 to $157.00 in a research note on Wednesday. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $162.60.

Regal Rexnord Stock Down 0.1 %

RRX stock traded down $0.09 during midday trading on Friday, hitting $136.67. 210,051 shares of the company’s stock were exchanged, compared to its average volume of 312,877. The company has a current ratio of 2.76, a quick ratio of 1.55 and a debt-to-equity ratio of 0.34. Regal Rexnord Co. has a 12-month low of $108.28 and a 12-month high of $176.91. The firm has a 50 day moving average price of $120.64 and a 200-day moving average price of $137.54. The stock has a market capitalization of $9.16 billion, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27.

Regal Rexnord (NYSE:RRX – Get Rating) last posted its quarterly earnings data on Monday, August 1st. The company reported $2.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.15. Regal Rexnord had a return on equity of 11.15% and a net margin of 6.99%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the business earned $2.28 EPS. Regal Rexnord’s revenue for the quarter was up 52.1% compared to the same quarter last year. On average, analysts anticipate that Regal Rexnord Co. will post 10.63 EPS for the current year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, September 29th. This represents a $1.40 dividend on an annualized basis and a yield of 1.02%. Regal Rexnord’s payout ratio is currently 25.00%.

About Regal Rexnord

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Regal Rexnord Corporation, together with its subsidiaries, designs, manufactures, and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. It operates through four segments: Commercial Systems, Industrial Systems, Climate Solutions, and Motion Control Solutions.