Levin Capital Strategies L.P. bought a new position in Regal Rexnord Corporation (NYSE:RRX – Free Report) during the first quarter, Holdings Channel reports. The fund bought 81,968 shares of the company’s stock, valued at approximately $15,349,000. Regal Rexnord makes up 1.2% of Levin Capital Strategies L.P.’s portfolio, making the stock its 27th biggest holding.
Several other institutional investors also recently modified their holdings of RRX. Parallel Advisors LLC boosted its stake in Regal Rexnord by 5.6% during the first quarter. Parallel Advisors LLC now owns 938 shares of the company’s stock worth $176,000 after acquiring an additional 50 shares in the last quarter. Swiss National Bank grew its holdings in Regal Rexnord by 0.3% in the first quarter. Swiss National Bank now owns 124,717 shares of the company’s stock worth $23,355,000 after purchasing an additional 400 shares during the period. Jennison Associates LLC increased its stake in shares of Regal Rexnord by 22.8% during the first quarter. Jennison Associates LLC now owns 363,118 shares of the company’s stock valued at $67,997,000 after purchasing an additional 67,333 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Regal Rexnord by 3.0% during the first quarter. California Public Employees Retirement System now owns 126,113 shares of the company’s stock valued at $23,616,000 after purchasing an additional 3,636 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of Regal Rexnord by 4,155.4% during the first quarter. Bessemer Group Inc. now owns 916,054 shares of the company’s stock valued at $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.
Analyst Upgrades and Downgrades
RRX has been the subject of a number of recent research reports. Wolfe Research set a $250.00 price objective on Regal Rexnord in a research note on Thursday, July 9th. UBS Group set a $260.00 target price on Regal Rexnord in a research note on Monday, June 15th. Oppenheimer restated an “outperform” rating on shares of Regal Rexnord in a report on Friday, July 10th. Deutsche Bank Aktiengesellschaft started coverage on Regal Rexnord in a research report on Monday. They issued a “buy” rating and a $286.00 price target for the company. Finally, KeyCorp upped their price target on shares of Regal Rexnord from $255.00 to $265.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $247.00.
Regal Rexnord Price Performance
Shares of RRX opened at $215.02 on Thursday. Regal Rexnord Corporation has a twelve month low of $127.96 and a twelve month high of $247.80. The company has a market capitalization of $14.31 billion, a P/E ratio of 50.01, a price-to-earnings-growth ratio of 2.00 and a beta of 1.08. The firm has a 50 day moving average of $211.89 and a 200 day moving average of $199.13. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69.
Regal Rexnord (NYSE:RRX – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.06. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the previous year, the business earned $2.15 earnings per share. The company’s revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts anticipate that Regal Rexnord Corporation will post 10.64 earnings per share for the current fiscal year.
Regal Rexnord Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th will be issued a $0.35 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 0.7%. Regal Rexnord’s dividend payout ratio (DPR) is currently 32.56%.
Insiders Place Their Bets
In other Regal Rexnord news, Director Robin A. Walker-Lee sold 1,297 shares of Regal Rexnord stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $213.85, for a total value of $277,363.45. Following the completion of the sale, the director owned 5,503 shares of the company’s stock, valued at approximately $1,176,816.55. The trade was a 19.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Robert Rehard sold 6,499 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $200.00, for a total value of $1,299,800.00. Following the sale, the chief financial officer owned 27,965 shares of the company’s stock, valued at approximately $5,593,000. This represents a 18.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 30,305 shares of company stock valued at $6,341,869. Company insiders own 0.63% of the company’s stock.
Regal Rexnord Company Profile
Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.
The company’s operations are organized into multiple business segments that address distinct customer needs.
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