CIBC Bancorp USA Inc. Makes New Investment in Regal Rexnord Corporation $RRX

CIBC Bancorp USA Inc. bought a new stake in Regal Rexnord Corporation (NYSE:RRX) during the third quarter, Holdings Channel.com reports. The firm bought 158,369 shares of the company’s stock, valued at approximately $22,716,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Geneos Wealth Management Inc. increased its holdings in shares of Regal Rexnord by 135.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after acquiring an additional 127 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in Regal Rexnord during the 3rd quarter valued at about $27,000. Allworth Financial LP grew its position in Regal Rexnord by 85.7% in the 2nd quarter. Allworth Financial LP now owns 195 shares of the company’s stock worth $28,000 after purchasing an additional 90 shares during the last quarter. Root Financial Partners LLC acquired a new stake in shares of Regal Rexnord in the third quarter valued at approximately $28,000. Finally, SJS Investment Consulting Inc. increased its stake in shares of Regal Rexnord by 95.1% in the third 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 period. Institutional investors and hedge funds own 99.72% of the company’s stock.

Insiders Place Their Bets

In other Regal Rexnord news, CFO Robert Rehard sold 968 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $223.00, for a total transaction of $215,864.00. Following the completion of the sale, the chief financial officer directly owned 34,447 shares in the company, valued at approximately $7,681,681. This trade represents a 2.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Curtis W. Stoelting sold 4,500 shares of Regal Rexnord stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $180.00, for a total value of $810,000.00. Following the transaction, the director directly owned 15,617 shares in the company, valued at approximately $2,811,060. This trade represents a 22.37% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 53,451 shares of company stock valued at $11,386,689. 0.82% of the stock is owned by insiders.

Regal Rexnord Trading Down 2.7%

NYSE RRX opened at $185.27 on Thursday. The firm’s 50 day moving average price is $189.01 and its two-hundred day moving average price is $159.08. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.10 and a current ratio of 2.15. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve month high of $229.30. The stock has a market cap of $12.32 billion, a price-to-earnings ratio of 44.11, a PEG ratio of 1.77 and a beta of 1.05.

Regal Rexnord (NYSE:RRX) last released its earnings results on Thursday, February 5th. The company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Regal Rexnord had a return on equity of 9.60% and a net margin of 4.71%.The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the company earned $2.34 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts anticipate that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 31st will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, March 31st. Regal Rexnord’s dividend payout ratio is currently 33.33%.

Wall Street Analysts Forecast Growth

RRX has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their price objective on Regal Rexnord from $190.00 to $230.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Oppenheimer increased their price target on Regal Rexnord from $180.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. KeyCorp lifted their price objective on shares of Regal Rexnord from $200.00 to $255.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 10th. The Goldman Sachs Group increased their target price on shares of Regal Rexnord from $170.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, February 9th. Finally, Jefferies Financial Group cut Regal Rexnord from a “buy” rating to a “hold” rating and dropped their price target for the company from $170.00 to $160.00 in a report on Wednesday, December 10th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $227.50.

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.