Regal Rexnord Corporation $RRX Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 24.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 501,723 shares of the company’s stock after selling 159,429 shares during the period. Principal Financial Group Inc.’s holdings in Regal Rexnord were worth $71,967,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Geneos Wealth Management Inc. boosted its stake in shares of Regal Rexnord by 135.1% during the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after buying an additional 127 shares during the period. Allworth Financial LP raised its stake in Regal Rexnord by 85.7% during the 2nd quarter. Allworth Financial LP now owns 195 shares of the company’s stock valued at $28,000 after acquiring an additional 90 shares during the last quarter. Root Financial Partners LLC acquired a new stake in Regal Rexnord during the 3rd quarter worth approximately $28,000. SJS Investment Consulting Inc. grew its stake in shares of Regal Rexnord by 95.1% in the 3rd quarter. SJS Investment Consulting Inc. now owns 199 shares of the company’s stock valued at $29,000 after purchasing an additional 97 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of Regal Rexnord by 216.3% in the third quarter. Farther Finance Advisors LLC now owns 272 shares of the company’s stock valued at $39,000 after purchasing an additional 186 shares during the period. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Louis V. Pinkham sold 35,935 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were 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 in the company, valued at $15,096,904.40. This represents a 25.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.82% of the stock is owned by company insiders.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $171.38 on Wednesday. The stock has a market cap of $11.38 billion, a PE ratio of 44.28, a P/E/G ratio of 1.58 and a beta of 1.13. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.97 and a current ratio of 2.05. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $176.52. The stock has a fifty day moving average price of $150.20 and a 200 day moving average price of $146.35.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Regal Rexnord’s payout ratio is presently 36.18%.

Analyst Ratings Changes

RRX has been the subject of several recent research reports. Robert W. Baird set a $212.00 price target on Regal Rexnord in a report on Friday, October 31st. Jefferies Financial Group downgraded shares of Regal Rexnord from a “buy” rating to a “hold” rating and lowered their target price for the company from $170.00 to $160.00 in a report on Wednesday, December 10th. JPMorgan Chase & Co. dropped their price target on shares of Regal Rexnord from $200.00 to $190.00 and set an “overweight” rating on the stock in a research note on Friday, October 31st. Barclays restated an “overweight” rating and issued a $165.00 price objective on shares of Regal Rexnord in a research report on Monday, November 3rd. Finally, Citigroup boosted their target price on Regal Rexnord from $175.00 to $180.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $180.25.

About Regal Rexnord

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.