Aigen Investment Management LP Invests $310,000 in Regal Rexnord Corporation (NYSE:RRX)

Aigen Investment Management LP purchased a new stake in Regal Rexnord Corporation (NYSE:RRX) during the first quarter, HoldingsChannel reports. The firm purchased 2,719 shares of the company’s stock, valued at approximately $310,000.

Several other hedge funds have also added to or reduced their stakes in the business. Bernard Wealth Management Corp. acquired a new position in shares of Regal Rexnord in the fourth quarter valued at $31,000. Golden State Wealth Management LLC boosted its holdings in shares of Regal Rexnord by 106.2% during the 1st quarter. Golden State Wealth Management LLC now owns 268 shares of the company’s stock worth $31,000 after buying an additional 138 shares during the period. Headlands Technologies LLC acquired a new position in Regal Rexnord in the 1st quarter valued at about $81,000. Signaturefd LLC grew its stake in Regal Rexnord by 25.5% in the 1st quarter. Signaturefd LLC now owns 911 shares of the company’s stock valued at $104,000 after buying an additional 185 shares during the last quarter. Finally, CWM LLC raised its holdings in Regal Rexnord by 18.1% in the 1st quarter. CWM LLC now owns 1,011 shares of the company’s stock valued at $115,000 after acquiring an additional 155 shares during the period. Institutional investors and hedge funds own 99.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group lifted their target price on Regal Rexnord from $173.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of Regal Rexnord from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 22nd. KeyCorp set a $180.00 price objective on shares of Regal Rexnord and gave the company an “overweight” rating in a report on Thursday, June 26th. Barclays raised their target price on shares of Regal Rexnord from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, July 9th. Finally, Robert W. Baird lifted their price target on shares of Regal Rexnord from $167.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday, May 7th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $185.25.

Regal Rexnord Trading Up 8.2%

Regal Rexnord stock opened at $154.68 on Thursday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 2.00. Regal Rexnord Corporation has a fifty-two week low of $90.56 and a fifty-two week high of $185.28. The stock has a market cap of $10.27 billion, a P/E ratio of 41.14, a PEG ratio of 1.44 and a beta of 1.18. The firm’s fifty day moving average price is $146.93 and its 200-day moving average price is $132.72.

Regal Rexnord (NYSE:RRX) last released its earnings results on Tuesday, August 5th. The company reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.42 by $0.06. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. Regal Rexnord’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.29 EPS. Equities research analysts forecast that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, September 30th. Regal Rexnord’s dividend payout ratio is presently 37.23%.

About Regal Rexnord

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.