KLP Kapitalforvaltning AS Has $2.01 Million Stake in Regal Rexnord Corporation $RRX

KLP Kapitalforvaltning AS grew its position in Regal Rexnord Corporation (NYSE:RRX) by 2.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,803 shares of the company’s stock after purchasing an additional 300 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Regal Rexnord were worth $2,005,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RRX. Nuveen LLC acquired a new position in shares of Regal Rexnord in the first quarter valued at approximately $117,996,000. Invesco Ltd. grew its position in shares of Regal Rexnord by 76.3% in the first quarter. Invesco Ltd. now owns 932,829 shares of the company’s stock valued at $106,203,000 after purchasing an additional 403,845 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Regal Rexnord by 30.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company’s stock valued at $194,955,000 after purchasing an additional 396,737 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Regal Rexnord by 11.9% in the first quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company’s stock valued at $277,435,000 after purchasing an additional 259,885 shares during the last quarter. Finally, Brandywine Global Investment Management LLC acquired a new position in shares of Regal Rexnord in the first quarter valued at approximately $25,678,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on RRX. KeyCorp set a $180.00 target price on Regal Rexnord and gave the company an “overweight” rating in a research report on Thursday, June 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research report on Wednesday, October 8th. JPMorgan Chase & Co. began coverage on Regal Rexnord in a research report on Monday, September 15th. They set an “overweight” rating and a $200.00 price target on the stock. Wall Street Zen downgraded Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Sunday, September 21st. Finally, Barclays reduced their price target on Regal Rexnord from $163.00 to $161.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 16th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $181.63.

Regal Rexnord Trading Down 7.3%

Shares of RRX stock opened at $134.68 on Monday. The stock’s fifty day moving average price is $145.19 and its two-hundred day moving average price is $136.21. The company has a market cap of $8.94 billion, a PE ratio of 35.82, a P/E/G ratio of 1.35 and a beta of 1.16. Regal Rexnord Corporation has a fifty-two week low of $90.56 and a fifty-two week high of $185.28. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 2.00.

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

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th 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 Tuesday, September 30th. Regal Rexnord’s dividend payout ratio (DPR) is currently 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.