Regal Rexnord Co. (NYSE:RRX) Shares Sold by Fmr LLC

Fmr LLC reduced its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 6.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,020,659 shares of the company’s stock after selling 383,307 shares during the period. Fmr LLC owned approximately 9.09% of Regal Rexnord worth $998,707,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its stake in Regal Rexnord by 5.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 38,969 shares of the company’s stock valued at $7,019,000 after purchasing an additional 2,101 shares during the last quarter. Tidal Investments LLC raised its position in Regal Rexnord by 20.2% during the 1st quarter. Tidal Investments LLC now owns 1,876 shares of the company’s stock worth $338,000 after buying an additional 315 shares during the last quarter. Comerica Bank lifted its stake in Regal Rexnord by 22.5% during the 1st quarter. Comerica Bank now owns 106,489 shares of the company’s stock valued at $19,179,000 after acquiring an additional 19,529 shares during the period. Walleye Trading LLC boosted its holdings in shares of Regal Rexnord by 98.2% in the 1st quarter. Walleye Trading LLC now owns 7,376 shares of the company’s stock valued at $1,328,000 after acquiring an additional 3,654 shares during the last quarter. Finally, Virtu Financial LLC increased its stake in shares of Regal Rexnord by 17.9% in the first quarter. Virtu Financial LLC now owns 3,021 shares of the company’s stock worth $544,000 after acquiring an additional 458 shares during the period. 99.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RRX. 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 target price for the company. Barclays upped their target price on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Robert W. Baird reduced their price target on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. The Goldman Sachs Group raised their price objective on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and an average price target of $193.00.

Regal Rexnord Stock Performance

RRX opened at $169.66 on Thursday. The company has a market cap of $11.24 billion, a price-to-earnings ratio of 53.52, a PEG ratio of 1.97 and a beta of 1.04. The firm’s fifty day simple moving average is $170.79 and its two-hundred day simple moving average is $157.43. The company has a quick ratio of 1.35, a current ratio of 2.45 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a 52-week low of $114.18 and a 52-week high of $185.28.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings data on Monday, November 4th. The company reported $2.49 EPS for the quarter, topping the consensus estimate of $2.48 by $0.01. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.53 billion. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. Regal Rexnord’s quarterly revenue was down 10.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.10 EPS. Equities analysts anticipate that Regal Rexnord Co. will post 9.25 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders 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 0.83%. Regal Rexnord’s payout ratio is currently 44.16%.

Insiders Place Their Bets

In other news, CEO Louis V. Pinkham sold 8,774 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $180.03, for a total value of $1,579,583.22. Following the transaction, the chief executive officer now directly owns 149,618 shares of the company’s stock, valued at approximately $26,935,728.54. This trade represents a 5.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.82% of the stock is currently owned by corporate insiders.

About Regal Rexnord

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.