Chesley Taft & Associates LLC Raises Stock Position in Regal Rexnord Co. (NYSE:RRX)

Chesley Taft & Associates LLC lifted its position in shares of Regal Rexnord Co. (NYSE:RRX) by 5.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,095 shares of the company’s stock after acquiring an additional 500 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Regal Rexnord were worth $1,411,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of RRX. JPMorgan Chase & Co. boosted its position in Regal Rexnord by 6.9% during the third quarter. JPMorgan Chase & Co. now owns 436,307 shares of the company’s stock worth $72,375,000 after purchasing an additional 28,278 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Regal Rexnord by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company’s stock worth $183,195,000 after buying an additional 9,338 shares during the last quarter. First Hawaiian Bank purchased a new stake in shares of Regal Rexnord in the 4th quarter worth about $811,000. PNC Financial Services Group Inc. grew its stake in Regal Rexnord by 29.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock valued at $2,042,000 after acquiring an additional 2,783 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in Regal Rexnord by 7.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company’s stock valued at $204,254,000 after acquiring an additional 77,215 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $162.23 on Wednesday. The company has a market cap of $10.74 billion, a P/E ratio of 51.18, a P/E/G ratio of 1.51 and a beta of 1.04. The business has a fifty day simple moving average of $164.03 and a 200-day simple moving average of $161.79. Regal Rexnord Co. has a 52 week low of $130.94 and a 52 week high of $185.28. 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 (NYSE:RRX) last posted its quarterly earnings results on Monday, November 4th. The company reported $2.49 EPS for the quarter, beating the consensus estimate of $2.48 by $0.01. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The firm’s revenue was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.10 EPS. Equities research analysts forecast that Regal Rexnord Co. will post 9.24 EPS for the current year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Tuesday, December 31st. Regal Rexnord’s dividend payout ratio is currently 44.16%.

Insider Buying and Selling at Regal Rexnord

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on RRX. The Goldman Sachs Group upped their price target on shares of Regal Rexnord from $191.00 to $213.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Barclays reduced their target price on Regal Rexnord from $205.00 to $190.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Jefferies Financial Group initiated coverage on Regal Rexnord in a research report on Thursday, December 12th. They set a “buy” rating and a $215.00 price target for the company. Robert W. Baird reduced their price objective on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Finally, StockNews.com cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 16th. One equities research 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 presently has a consensus rating of “Moderate Buy” and an average target price of $202.00.

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.