New York State Teachers Retirement System Acquires 6,229 Shares of Regal Rexnord Corporation $RRX

New York State Teachers Retirement System boosted its holdings in Regal Rexnord Corporation (NYSE:RRX) by 9.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 71,507 shares of the company’s stock after purchasing an additional 6,229 shares during the period. New York State Teachers Retirement System’s holdings in Regal Rexnord were worth $10,257,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in RRX. Viking Global Investors LP increased its holdings in shares of Regal Rexnord by 25.7% in the second quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock worth $497,231,000 after buying an additional 701,145 shares during the period. Norges Bank bought a new position in Regal Rexnord during the 2nd quarter worth approximately $256,155,000. Nordea Investment Management AB purchased a new position in Regal Rexnord in the 2nd quarter worth approximately $224,889,000. Invesco Ltd. increased its stake in Regal Rexnord by 36.6% in the 2nd quarter. Invesco Ltd. now owns 1,274,266 shares of the company’s stock worth $184,718,000 after purchasing an additional 341,437 shares during the period. Finally, Alliancebernstein L.P. lifted its position in Regal Rexnord by 0.4% in the second quarter. Alliancebernstein L.P. now owns 812,164 shares of the company’s stock valued at $117,731,000 after purchasing an additional 3,574 shares during the last quarter. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Robert W. Baird set a $212.00 price target on shares of Regal Rexnord in a report on Friday, October 31st. Jefferies Financial Group cut shares of Regal Rexnord from a “buy” rating to a “hold” rating and decreased their price objective for the company from $170.00 to $160.00 in a research report on Wednesday, December 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a report on Wednesday, October 8th. JPMorgan Chase & Co. cut their target price on Regal Rexnord from $200.00 to $190.00 and set an “overweight” rating on the stock in a research note on Friday, October 31st. Finally, Barclays reaffirmed an “overweight” rating and set a $165.00 price target on shares of Regal Rexnord in a research report on Monday, November 3rd. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $179.63.

Regal Rexnord Trading Up 0.8%

Shares of RRX opened at $155.21 on Thursday. Regal Rexnord Corporation has a 1-year low of $90.56 and a 1-year high of $167.77. The company has a current ratio of 2.05, a quick ratio of 0.97 and a debt-to-equity ratio of 0.71. The firm’s 50-day moving average price is $143.49 and its 200-day moving average price is $145.39. The firm has a market capitalization of $10.30 billion, a price-to-earnings ratio of 40.11, a PEG ratio of 1.43 and a beta of 1.12.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Thursday, October 30th. The company reported $2.51 EPS for the quarter, missing the consensus estimate of $2.56 by ($0.05). The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Regal Rexnord had a return on equity of 9.64% and a net margin of 4.38%.The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the business earned $2.49 earnings per share. Sell-side analysts anticipate that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 14th. Stockholders of record on Wednesday, December 31st were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Wednesday, December 31st. Regal Rexnord’s dividend payout ratio (DPR) is presently 36.18%.

Insider Buying and Selling at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 35,935 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $146.20, for a total value of $5,253,697.00. Following the sale, the chief executive officer directly owned 103,262 shares of the company’s stock, valued at $15,096,904.40. This represents a 25.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is owned by corporate insiders.

Regal Rexnord Company Profile

Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company’s operations are organized into multiple business segments that address distinct customer needs.