Jennison Associates LLC Increases Stock Holdings in Regal Rexnord Corporation $RRX

Jennison Associates LLC boosted its position in Regal Rexnord Corporation (NYSE:RRX) by 25.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 226,428 shares of the company’s stock after purchasing an additional 45,821 shares during the period. Jennison Associates LLC’s holdings in Regal Rexnord were worth $32,823,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Geneos Wealth Management Inc. boosted its position in Regal Rexnord by 135.1% in the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after purchasing an additional 127 shares during the last quarter. Golden State Wealth Management LLC grew its stake 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 valued at $31,000 after acquiring an additional 138 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Regal Rexnord by 91.6% during the 1st quarter. Jones Financial Companies Lllp now owns 617 shares of the company’s stock valued at $70,000 after acquiring an additional 295 shares during the period. Headlands Technologies LLC bought a new position in shares of Regal Rexnord during the 1st quarter valued at approximately $81,000. Finally, Parallel Advisors LLC grew its stake in shares of Regal Rexnord by 69.0% during the 2nd quarter. Parallel Advisors LLC now owns 818 shares of the company’s stock valued at $119,000 after acquiring an additional 334 shares during the period. 99.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RRX has been the subject of a number of recent research reports. JPMorgan Chase & Co. initiated coverage on Regal Rexnord in a research note on Monday, September 15th. They set an “overweight” rating and a $200.00 price objective for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research note on Wednesday, October 8th. KeyCorp cut their price objective on Regal Rexnord from $180.00 to $170.00 and set an “overweight” rating for the company in a research note on Tuesday, October 14th. The Goldman Sachs Group cut their price objective on Regal Rexnord from $192.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, September 16th. Finally, Barclays cut their price objective on Regal Rexnord from $163.00 to $161.00 and set an “overweight” rating for the company in a research note on Tuesday, September 16th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Regal Rexnord presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.38.

Regal Rexnord Stock Down 3.6%

NYSE RRX opened at $145.16 on Friday. The stock’s 50 day moving average is $145.08 and its 200 day moving average is $139.88. The company has a current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. Regal Rexnord Corporation has a 12 month low of $90.56 and a 12 month high of $185.28. The stock has a market cap of $9.63 billion, a PE ratio of 37.51, a P/E/G ratio of 1.52 and a beta of 1.16.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Friday, September 8th. The company reported $2.76 EPS for the quarter. Regal Rexnord had a return on equity of 9.75% and a net margin of 4.38%.The company had revenue of $1.85 billion for the quarter. Research analysts predict that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

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