Regal Rexnord Corporation $RRX Stock: Calamos Advisors LLC Raises Stake

Calamos Advisors LLC increased its stake in Regal Rexnord Corporation (NYSE:RRX) by 732.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 258,000 shares of the company’s stock after acquiring an additional 227,000 shares during the quarter. Calamos Advisors LLC’s holdings in Regal Rexnord were worth $40,018,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RRX. Clearstead Trust LLC acquired a new stake in Regal Rexnord during the 2nd quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Regal Rexnord during the 2nd quarter worth approximately $27,000. Root Financial Partners LLC acquired a new position in shares of Regal Rexnord in the 3rd quarter worth approximately $41,000. FNY Investment Advisers LLC acquired a new position in shares of Regal Rexnord in the 2nd quarter worth approximately $43,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Regal Rexnord in the 2nd quarter worth approximately $43,000. 99.72% of the stock is currently owned by institutional investors.

Regal Rexnord Trading Up 5.5%

Shares of NYSE:RRX traded up $8.76 during mid-day trading on Friday, hitting $169.06. The company had a trading volume of 1,212,691 shares, compared to its average volume of 1,119,230. The firm has a fifty day moving average price of $158.26 and a 200 day moving average price of $189.57. The company has a market capitalization of $11.26 billion, a PE ratio of 48.86, a price-to-earnings-growth ratio of 1.28 and a beta of 1.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.28 and a quick ratio of 1.16. Regal Rexnord Corporation has a one year low of $127.96 and a one year high of $247.80.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Tuesday, November 3rd. The company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.65 by $0.25. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.56 billion. Regal Rexnord had a net margin of 5.35% and a return on equity of 9.93%. Regal Rexnord’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.51 earnings per share. As a group, research analysts forecast that Regal Rexnord Corporation will post 10.73 EPS for the current year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 14th. Stockholders of record on Thursday, December 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, December 31st. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. Regal Rexnord’s dividend payout ratio is currently 40.46%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. KeyCorp decreased their price objective on shares of Regal Rexnord from $265.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Citigroup boosted their target price on shares of Regal Rexnord from $200.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday. Oppenheimer cut their price target on shares of Regal Rexnord from $245.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, October 8th. Deutsche Bank Aktiengesellschaft started coverage on Regal Rexnord in a report on Monday, July 20th. They set a “buy” rating and a $286.00 price target for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research note on Thursday, October 15th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.33.

Regal Rexnord Company Profile

Regal Rexnord Corporation is an industrial manufacturing company that develops and produces electric motors, power transmission components, motion-control systems and other equipment used in industrial and commercial applications. Its products include motors, gearboxes, bearings, couplings, belts, chains, drives, clutches, brakes and related controls, as well as air-moving and power-management solutions.

The company serves customers across industries such as automation, material handling, food and beverage, renewable energy, heating and ventilation, agriculture, and general industrial production.