State of New Jersey Common Pension Fund D Lowers Stock Holdings in Regal Rexnord Corporation $RRX

State of New Jersey Common Pension Fund D cut its position in Regal Rexnord Corporation (NYSE:RRX) by 3.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,565 shares of the company’s stock after selling 853 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Regal Rexnord were worth $3,271,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of RRX. Oregon Public Employees Retirement Fund grew its position in Regal Rexnord by 0.7% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,549 shares of the company’s stock valued at $1,543,000 after acquiring an additional 100 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Regal Rexnord by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 18,700 shares of the company’s stock valued at $2,711,000 after purchasing an additional 100 shares during the period. Cetera Investment Advisers grew its holdings in shares of Regal Rexnord by 3.6% in the first quarter. Cetera Investment Advisers now owns 2,920 shares of the company’s stock valued at $332,000 after purchasing an additional 102 shares in the last quarter. Greenleaf Trust increased its stake in Regal Rexnord by 2.1% during the 1st quarter. Greenleaf Trust now owns 5,187 shares of the company’s stock worth $591,000 after buying an additional 105 shares during the period. Finally, Xponance Inc. raised its stake in shares of Regal Rexnord by 1.5% in the first quarter. Xponance Inc. now owns 7,866 shares of the company’s stock valued at $896,000 after acquiring an additional 120 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. KeyCorp lowered their price objective on Regal Rexnord from $180.00 to $170.00 and set an “overweight” rating for the company in a research report on Tuesday, October 14th. JPMorgan Chase & Co. started coverage on shares of Regal Rexnord in a research report on Monday, September 15th. They issued an “overweight” rating and a $200.00 price objective on the stock. The Goldman Sachs Group reduced their price objective on shares of Regal Rexnord from $192.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, September 16th. Wall Street Zen downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Sunday, September 21st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $180.38.

Regal Rexnord Stock Performance

NYSE RRX opened at $146.36 on Tuesday. The company has a fifty day moving average of $145.01 and a two-hundred day moving average of $139.14. The company has a market capitalization of $9.71 billion, a PE ratio of 38.93, a P/E/G ratio of 1.48 and a beta of 1.16. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $185.28. 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 posted its earnings results on Friday, September 8th. The company reported $2.76 earnings per share for the quarter. The business had revenue of $1.85 billion during the quarter. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. As a group, analysts expect that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 14th. Stockholders of record on Wednesday, December 31st will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, December 31st. Regal Rexnord’s payout ratio is presently 37.23%.

Regal Rexnord 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.