Regal Rexnord Co. (NYSE:RRX) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its position in Regal Rexnord Co. (NYSE:RRX) by 3.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,813,235 shares of the company’s stock after selling 71,340 shares during the period. Victory Capital Management Inc. owned about 2.73% of Regal Rexnord worth $300,779,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Capital World Investors increased its holdings in Regal Rexnord by 4.7% in the 1st quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock worth $1,188,615,000 after acquiring an additional 296,941 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Regal Rexnord by 24.7% during the second quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock worth $152,183,000 after purchasing an additional 222,775 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position in shares of Regal Rexnord by 7.1% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock worth $430,255,000 after purchasing an additional 209,776 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Regal Rexnord by 31.5% in the 2nd quarter. Principal Financial Group Inc. now owns 714,179 shares of the company’s stock valued at $96,571,000 after buying an additional 171,069 shares in the last quarter. Finally, Forest Avenue Capital Management LP boosted its holdings in Regal Rexnord by 63.8% in the 2nd quarter. Forest Avenue Capital Management LP now owns 262,910 shares of the company’s stock worth $35,551,000 after buying an additional 102,412 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Trading Down 2.2 %

Regal Rexnord stock traded down $3.85 during midday trading on Tuesday, reaching $172.45. 69,746 shares of the stock traded hands, compared to its average volume of 451,572. The firm has a market cap of $11.42 billion, a PE ratio of 55.62, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.87. The company has a 50-day simple moving average of $166.02 and a two-hundred day simple moving average of $156.48. Regal Rexnord Co. has a 12-month low of $108.64 and a 12-month high of $185.28.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.01. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the business posted $2.10 earnings per share. The business’s quarterly revenue was down 10.4% compared to the same quarter last year. Research analysts expect that Regal Rexnord Co. will post 9.2 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 Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.81%. Regal Rexnord’s dividend payout ratio (DPR) is presently 44.16%.

Analyst Ratings Changes

A number of research analysts have weighed in on RRX shares. KeyCorp decreased their price objective on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Loop Capital reiterated a “buy” rating and set a $200.00 price objective on shares of Regal Rexnord in a research report on Thursday, September 19th. The Goldman Sachs Group raised their target price on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Citigroup initiated coverage on shares of Regal Rexnord in a research report on Monday, October 14th. They set a “buy” rating and a $200.00 price target on the stock. Finally, StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $193.00.

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.