Regal Rexnord Co. (NYSE:RRX) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC reduced its position in shares of Regal Rexnord Co. (NYSE:RRX) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,389 shares of the company’s stock after selling 637 shares during the period. MetLife Investment Management LLC’s holdings in Regal Rexnord were worth $5,704,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. acquired a new stake in shares of Regal Rexnord during the second quarter worth $1,173,000. PNC Financial Services Group Inc. raised its stake in Regal Rexnord by 29.2% during the third quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock worth $2,042,000 after acquiring an additional 2,783 shares during the period. Natixis Advisors LLC lifted its holdings in Regal Rexnord by 15.3% in the third quarter. Natixis Advisors LLC now owns 86,933 shares of the company’s stock worth $14,420,000 after acquiring an additional 11,568 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Regal Rexnord by 31.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,686 shares of the company’s stock valued at $2,662,000 after acquiring an additional 4,701 shares during the period. Finally, Texas Permanent School Fund Corp grew its holdings in shares of Regal Rexnord by 7.0% during the second quarter. Texas Permanent School Fund Corp now owns 62,101 shares of the company’s stock valued at $8,397,000 after purchasing an additional 4,076 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RRX shares. Citigroup initiated coverage on Regal Rexnord in a report on Monday, October 14th. They issued a “buy” rating and a $200.00 price target on the stock. Barclays increased their price objective on shares of Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Loop Capital reissued a “buy” rating and set a $200.00 target price on shares of Regal Rexnord in a research note on Thursday, September 19th. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Finally, Robert W. Baird reduced their price objective 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. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Regal Rexnord has an average rating of “Moderate Buy” and a consensus target price of $193.00.

Insider Activity at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 8,774 shares of Regal Rexnord stock in a transaction on Thursday, November 7th. The stock was 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 in the company, valued at $26,935,728.54. The trade was a 5.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.82% of the company’s stock.

Regal Rexnord Price Performance

NYSE RRX opened at $172.71 on Friday. Regal Rexnord Co. has a 12 month low of $117.32 and a 12 month high of $185.28. The firm has a market capitalization of $11.44 billion, a PE ratio of 54.48, a P/E/G ratio of 1.83 and a beta of 1.04. The company’s 50 day simple moving average is $170.84 and its 200 day simple moving average is $157.64. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.01. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the business posted $2.10 earnings per share. The company’s quarterly revenue was down 10.4% on a year-over-year basis. As a group, equities research analysts forecast that Regal Rexnord Co. will post 9.25 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm 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 is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.81%. Regal Rexnord’s payout ratio is currently 44.16%.

Regal Rexnord Company 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.