Wellington Management Group LLP lifted its stake in shares of Regal Rexnord Corporation (NYSE:RRX – Free Report) by 75.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 2,584,056 shares of the company’s stock after buying an additional 1,113,888 shares during the quarter. Wellington Management Group LLP’s holdings in Regal Rexnord were worth $615,496,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of RRX. Empowered Funds LLC purchased a new position in Regal Rexnord in the second quarter valued at approximately $1,054,000. United Capital Financial Advisors LLC purchased a new stake in Regal Rexnord in the second quarter worth $684,000. Grandeur Peak Global Advisors LLC bought a new stake in shares of Regal Rexnord in the second quarter valued at $96,000. Public Employees Retirement System of Ohio bought a new stake in shares of Regal Rexnord in the second quarter valued at $4,873,000. Finally, Corient Private Wealth LP purchased a new position in shares of Regal Rexnord during the 2nd quarter valued at $1,570,000. Institutional investors own 99.72% of the company’s stock.
Regal Rexnord Trading Down 3.7%
Shares of Regal Rexnord stock opened at $157.88 on Friday. The company’s 50-day moving average price is $198.44 and its 200-day moving average price is $202.91. The company has a current ratio of 2.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.66. Regal Rexnord Corporation has a 12-month low of $127.96 and a 12-month high of $247.80. The company has a market cap of $10.51 billion, a price-to-earnings ratio of 32.55, a PEG ratio of 1.17 and a beta of 1.09.
Regal Rexnord Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Regal Rexnord’s payout ratio is 28.87%.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on RRX shares. Citigroup increased their price target on Regal Rexnord from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft began coverage on shares of Regal Rexnord in a report on Monday, July 20th. They set a “buy” rating and a $286.00 price objective on the stock. DA Davidson initiated coverage on shares of Regal Rexnord in a research report on Tuesday, June 16th. They set a “buy” rating and a $260.00 target price for the company. Wolfe Research set a $250.00 target price on shares of Regal Rexnord in a research note on Thursday, July 9th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $244.92.
Regal Rexnord 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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