South Dakota Investment Council Grows Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

South Dakota Investment Council lifted its position in shares of Regal Rexnord Co. (NYSE:RRX) by 112.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,353 shares of the company’s stock after buying an additional 14,448 shares during the quarter. South Dakota Investment Council’s holdings in Regal Rexnord were worth $4,049,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RRX. National Bank of Canada FI lifted its stake in Regal Rexnord by 12.6% in the 3rd quarter. National Bank of Canada FI now owns 6,792 shares of the company’s stock worth $954,000 after purchasing an additional 759 shares in the last quarter. IFP Advisors Inc lifted its stake in Regal Rexnord by 12.8% in the 3rd quarter. IFP Advisors Inc now owns 1,297 shares of the company’s stock worth $185,000 after purchasing an additional 147 shares in the last quarter. Global Retirement Partners LLC lifted its stake in Regal Rexnord by 18.5% in the 3rd quarter. Global Retirement Partners LLC now owns 493 shares of the company’s stock worth $68,000 after purchasing an additional 77 shares in the last quarter. Oak Thistle LLC purchased a new stake in Regal Rexnord in the 3rd quarter worth $495,000. Finally, Commonwealth Equity Services LLC lifted its stake in Regal Rexnord by 3.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 3,277 shares of the company’s stock worth $468,000 after purchasing an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, EVP Jerrald R. Morton sold 2,992 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $154.34, for a total value of $461,785.28. Following the transaction, the executive vice president now directly owns 15,884 shares in the company, valued at approximately $2,451,536.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Regal Rexnord news, EVP Jerrald R. Morton sold 2,992 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $154.34, for a total value of $461,785.28. Following the transaction, the executive vice president now directly owns 15,884 shares in the company, valued at approximately $2,451,536.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas E. Valentyn sold 1,931 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total transaction of $320,719.79. Following the completion of the transaction, the executive vice president now owns 27,180 shares in the company, valued at $4,514,326.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,570 shares of company stock worth $892,301. Insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on RRX. KeyCorp boosted their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. Barclays boosted their target price on shares of Regal Rexnord from $200.00 to $203.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. Finally, Oppenheimer boosted their target price on shares of Regal Rexnord from $185.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, March 13th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.00.

Regal Rexnord Stock Performance

Shares of NYSE:RRX opened at $164.39 on Thursday. The company has a market capitalization of $10.92 billion, a price-to-earnings ratio of -188.95, a PEG ratio of 1.66 and a beta of 1.14. Regal Rexnord Co. has a 12 month low of $97.18 and a 12 month high of $183.85. The firm’s 50-day moving average is $169.79 and its 200 day moving average is $144.48. The company has a current ratio of 2.55, a quick ratio of 1.59 and a debt-to-equity ratio of 1.00.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Wednesday, February 7th. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.26 by $0.02. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The firm’s revenue was up 29.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.64 EPS. Research analysts predict that Regal Rexnord Co. will post 10.05 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 annualized dividend and a yield of 0.85%. Regal Rexnord’s payout ratio is -160.92%.

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.