Nordea Investment Management AB Acquires New Position in Regal Rexnord Corporation $RRX

Nordea Investment Management AB acquired a new stake in Regal Rexnord Corporation (NYSE:RRX) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,552,134 shares of the company’s stock, valued at approximately $224,889,000.

A number of other institutional investors have also recently made changes to their positions in RRX. Diamond Hill Capital Management Inc. grew its holdings in Regal Rexnord by 6.0% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 3,083,622 shares of the company’s stock worth $351,070,000 after acquiring an additional 175,273 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Regal Rexnord by 4.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,882,369 shares of the company’s stock worth $328,158,000 after acquiring an additional 115,564 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Regal Rexnord by 11.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company’s stock worth $277,435,000 after acquiring an additional 259,885 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Regal Rexnord by 30.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company’s stock worth $194,955,000 after acquiring an additional 396,737 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Regal Rexnord by 6.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,200,555 shares of the company’s stock worth $136,683,000 after acquiring an additional 69,438 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RRX shares. Wall Street Zen cut shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Sunday, September 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a report on Wednesday, October 8th. Citigroup reiterated a “buy” rating and set a $165.00 price target (up previously from $145.00) on shares of Regal Rexnord in a report on Tuesday, June 24th. KeyCorp lowered their price target on shares of Regal Rexnord from $180.00 to $170.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, The Goldman Sachs Group reduced their price objective on shares of Regal Rexnord from $192.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, September 16th. Eight analysts have rated the stock with a Buy rating and one has issued 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 $180.38.

Regal Rexnord Stock Down 2.3%

RRX stock opened at $140.41 on Friday. The company has a fifty day moving average price of $145.05 and a 200 day moving average price of $136.85. Regal Rexnord Corporation has a 12 month low of $90.56 and a 12 month high of $185.28. The company has a market cap of $9.32 billion, a price-to-earnings ratio of 37.34, a price-to-earnings-growth ratio of 1.45 and a beta of 1.16. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.00 and a quick ratio of 0.93.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Friday, September 8th. The company reported $2.76 EPS for the quarter. Regal Rexnord had a net margin of 4.28% and a return on equity of 9.73%. The firm had revenue of $1.85 billion during the quarter. Sell-side analysts expect that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th were given a $0.35 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $1.40 annualized dividend and a yield of 1.0%. Regal Rexnord’s dividend payout ratio is 37.23%.

Regal Rexnord Company Profile

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.