Regal Rexnord Corporation $RRX Shares Newly Purchased by D.A. Davidson & CO.

D.A. Davidson & CO. purchased a new position in Regal Rexnord Corporation (NYSE:RRX) in the third quarter, HoldingsChannel reports. The fund purchased 3,737 shares of the company’s stock, valued at approximately $580,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RRX. BlackRock Inc. bought a new position in Regal Rexnord during the second quarter worth about $1,477,356,000. Wellington Management Group LLP boosted its holdings in Regal Rexnord by 75.8% during the 2nd quarter. Wellington Management Group LLP now owns 2,584,056 shares of the company’s stock valued at $615,496,000 after acquiring an additional 1,113,888 shares during the period. Bank of New York Mellon Corp bought a new position in Regal Rexnord in the 2nd quarter worth about $449,281,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Regal Rexnord in the second quarter worth about $254,637,000. Finally, Bessemer Group Inc. grew its holdings in shares of Regal Rexnord by 4,155.4% in the first quarter. Bessemer Group Inc. now owns 916,054 shares of the company’s stock worth $171,541,000 after purchasing an additional 894,527 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of Regal Rexnord from $240.00 to $196.00 and set an “overweight” rating on the stock in a report on Friday, October 9th. KeyCorp decreased their price objective on shares of Regal Rexnord from $265.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research note on Thursday, October 15th. The Goldman Sachs Group set a $216.00 price target on shares of Regal Rexnord in a report on Wednesday, September 30th. Finally, Citigroup upped their target price on shares of Regal Rexnord from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Wednesday. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.33.

Regal Rexnord Stock Up 5.5%

Shares of RRX opened at $169.06 on Friday. Regal Rexnord Corporation has a 12-month low of $127.96 and a 12-month high of $247.80. The firm has a market cap of $11.26 billion, a P/E ratio of 48.86, a price-to-earnings-growth ratio of 1.28 and a beta of 1.09. The company’s 50-day moving average price is $158.26 and its 200 day moving average price is $189.57. The company has a current ratio of 2.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.66.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $2.65 by $0.25. Regal Rexnord had a return on equity of 9.93% and a net margin of 5.35%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same period in the previous year, the firm earned $2.51 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts forecast that Regal Rexnord Corporation will post 10.73 earnings per share for the current year.

Regal Rexnord Dividend Announcement

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

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.