Lazard Asset Management LLC Cuts Holdings in Regal Rexnord Corporation $RRX

Lazard Asset Management LLC cut its holdings in Regal Rexnord Corporation (NYSE:RRX) by 12.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,331 shares of the company’s stock after selling 6,374 shares during the quarter. Lazard Asset Management LLC owned 0.07% of Regal Rexnord worth $8,676,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RRX. Victory Capital Management Inc. lifted its holdings in Regal Rexnord by 42.6% in the fourth quarter. Victory Capital Management Inc. now owns 5,658,365 shares of the company’s stock valued at $793,983,000 after acquiring an additional 1,690,264 shares during the period. Viking Global Investors LP boosted its position in shares of Regal Rexnord by 25.7% during the 2nd quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock worth $497,231,000 after purchasing an additional 701,145 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Regal Rexnord by 5.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,530,092 shares of the company’s stock worth $355,031,000 after purchasing an additional 131,171 shares during the period. Invesco Ltd. increased its holdings in shares of Regal Rexnord by 27.1% in the 4th quarter. Invesco Ltd. now owns 1,905,828 shares of the company’s stock valued at $267,426,000 after purchasing an additional 405,828 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Regal Rexnord by 115.5% in the 1st quarter. Bank of New York Mellon Corp now owns 1,836,264 shares of the company’s stock valued at $343,859,000 after purchasing an additional 984,185 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RRX. Deutsche Bank Aktiengesellschaft assumed coverage on Regal Rexnord in a report on Monday, July 20th. They set a “buy” rating and a $286.00 price objective for the company. Citigroup upped their target price on Regal Rexnord from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. increased their price target on Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. KeyCorp boosted their price target on Regal Rexnord from $255.00 to $265.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, Wolfe Research set a $250.00 price target on Regal Rexnord in a research note on Thursday, July 9th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Regal Rexnord has an average rating of “Moderate Buy” and an average target price of $247.00.

Insider Buying and Selling

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

Regal Rexnord Stock Performance

Shares of RRX opened at $202.69 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 2.17. The stock has a 50-day moving average of $213.09 and a two-hundred day moving average of $201.40. The stock has a market cap of $13.49 billion, a P/E ratio of 47.14, a P/E/G ratio of 1.24 and a beta of 1.08. Regal Rexnord Corporation has a one year low of $127.96 and a one year high of $247.80.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.11 by $0.06. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the company earned $2.15 earnings per share. The company’s revenue was up 4.3% on a year-over-year basis. As a group, research analysts predict that Regal Rexnord Corporation will post 10.65 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th will be given a $0.35 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 0.7%. Regal Rexnord’s dividend payout ratio is currently 32.56%.

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.