Bank of New York Mellon Corp Buys 984,185 Shares of Regal Rexnord Corporation $RRX

Bank of New York Mellon Corp grew its holdings in Regal Rexnord Corporation (NYSE:RRXFree Report) by 115.5% during the 1st quarter, HoldingsChannel reports. The firm owned 1,836,264 shares of the company’s stock after acquiring an additional 984,185 shares during the quarter. Bank of New York Mellon Corp’s holdings in Regal Rexnord were worth $343,859,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in RRX. AQR Capital Management LLC raised its holdings in Regal Rexnord by 208.1% in the 1st quarter. AQR Capital Management LLC now owns 17,747 shares of the company’s stock valued at $2,011,000 after acquiring an additional 11,987 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Regal Rexnord by 91.6% during the first quarter. Jones Financial Companies Lllp now owns 617 shares of the company’s stock valued at $70,000 after purchasing an additional 295 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of Regal Rexnord by 135.1% in the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock valued at $25,000 after purchasing an additional 127 shares in the last quarter. Cetera Investment Advisers lifted its position in Regal Rexnord by 6.7% in the second quarter. Cetera Investment Advisers now owns 3,116 shares of the company’s stock worth $452,000 after purchasing an additional 196 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Regal Rexnord during the second quarter worth $4,759,000. 99.72% of the stock is owned by institutional investors.

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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the sale, the chief executive officer directly owned 56,749 shares of the company’s stock, valued at $12,012,628.32. This represents a 28.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 30,305 shares of company stock worth $6,341,869. Company insiders own 0.63% of the company’s stock.

Regal Rexnord Stock Down 2.2%

NYSE:RRX opened at $207.29 on Friday. 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 Corporation has a 12-month low of $127.96 and a 12-month high of $247.80. The stock’s fifty day simple moving average is $211.75 and its 200-day simple moving average is $197.27. The firm has a market capitalization of $13.80 billion, a P/E ratio of 48.21, a P/E/G ratio of 1.99 and a beta of 1.08.

Regal Rexnord (NYSE:RRXGet Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $2.17 EPS for the quarter, beating analysts’ consensus estimates of $2.11 by $0.06. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.Regal Rexnord’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.15 EPS. Equities research analysts expect that Regal Rexnord Corporation will post 10.64 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.7%. The ex-dividend date was Tuesday, June 30th. Regal Rexnord’s dividend payout ratio (DPR) is 32.56%.

Wall Street Analysts Forecast Growth

RRX has been the topic of several analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Wall Street Zen lowered shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research note on Tuesday, April 21st. UBS Group set a $260.00 price objective on Regal Rexnord in a report on Monday, June 15th. Finally, KeyCorp upped their price objective on Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Seven 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.45.

Get Our Latest Research Report on RRX

About Regal Rexnord

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Regal Rexnord (NYSE:RRX)

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