Regal Rexnord Corporation $RRX Shares Purchased by CenterBook Partners LP

CenterBook Partners LP boosted its position in Regal Rexnord Corporation (NYSE:RRX) by 16.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 31,083 shares of the company’s stock after acquiring an additional 4,321 shares during the quarter. CenterBook Partners LP’s holdings in Regal Rexnord were worth $4,362,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in RRX. Victory Capital Management Inc. lifted its holdings in Regal Rexnord by 138.4% in the 3rd quarter. Victory Capital Management Inc. now owns 3,968,101 shares of the company’s stock worth $566,981,000 after buying an additional 2,303,373 shares in the last quarter. Norges Bank acquired a new position in Regal Rexnord in the 4th quarter worth $121,301,000. Viking Global Investors LP lifted its holdings in Regal Rexnord by 25.7% in the 2nd 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 in the last quarter. William Blair Investment Management LLC acquired a new position in Regal Rexnord in the 3rd quarter worth $57,807,000. Finally, Westfield Capital Management Co. LP lifted its holdings in Regal Rexnord by 40.4% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,221,730 shares of the company’s stock worth $175,245,000 after buying an additional 351,599 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Stock Performance

Shares of Regal Rexnord stock opened at $210.02 on Tuesday. The firm has a market cap of $13.98 billion, a PE ratio of 48.84, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11. The firm’s 50-day simple moving average is $203.32 and its 200-day simple moving average is $182.59. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 2.17. Regal Rexnord Corporation has a 1 year low of $127.96 and a 1 year high of $236.35.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.11 by $0.06. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.15 EPS. Equities analysts forecast that Regal Rexnord Corporation will post 10.63 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, June 30th. Regal Rexnord’s dividend payout ratio is 32.56%.

Insider Activity

In other news, CEO Louis V. Pinkham sold 22,509 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $211.68, for a total value of $4,764,705.12. Following the sale, the chief executive officer owned 56,749 shares in the company, valued at approximately $12,012,628.32. This represents a 28.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robin A. Walker-Lee sold 1,297 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $213.85, for a total transaction of $277,363.45. Following the sale, the director directly owned 5,503 shares of the company’s stock, valued at approximately $1,176,816.55. This represents a 19.07% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 30,305 shares of company stock worth $6,341,869. 0.63% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Regal Rexnord from $170.00 to $230.00 and gave the stock a “buy” rating in a report on Monday, February 9th. JPMorgan Chase & Co. boosted their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. KeyCorp boosted their price objective on shares of Regal Rexnord from $255.00 to $265.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Citigroup upped their target price on shares of Regal Rexnord from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Finally, Barclays upped their target price on shares of Regal Rexnord from $237.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, March 23rd. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $232.25.

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.