Jennison Associates LLC Buys 44,447 Shares of Regal Rexnord Co. (NYSE:RRX)

Jennison Associates LLC grew its stake in Regal Rexnord Co. (NYSE:RRX) by 33.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 175,702 shares of the company’s stock after acquiring an additional 44,447 shares during the period. Jennison Associates LLC’s holdings in Regal Rexnord were worth $27,257,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. UMB Bank n.a. increased its holdings in shares of Regal Rexnord by 72.5% in the third quarter. UMB Bank n.a. now owns 345 shares of the company’s stock valued at $57,000 after purchasing an additional 145 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Regal Rexnord by 30.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock valued at $71,000 after buying an additional 100 shares during the last quarter. 1620 Investment Advisors Inc. increased its stake in shares of Regal Rexnord by 17.4% in the 3rd quarter. 1620 Investment Advisors Inc. now owns 452 shares of the company’s stock valued at $75,000 after buying an additional 67 shares during the period. GAMMA Investing LLC increased its stake in shares of Regal Rexnord by 30.0% in the 3rd quarter. GAMMA Investing LLC now owns 841 shares of the company’s stock valued at $140,000 after buying an additional 194 shares during the period. Finally, Weatherly Asset Management L. P. bought a new stake in shares of Regal Rexnord during the third quarter worth $180,000. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Price Performance

Shares of RRX stock opened at $155.06 on Wednesday. The firm has a market capitalization of $10.27 billion, a price-to-earnings ratio of 48.91, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03. Regal Rexnord Co. has a 12-month low of $130.94 and a 12-month 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. The firm has a fifty day moving average of $161.31 and a 200-day moving average of $163.10.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the company earned $2.10 earnings per share. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. On average, equities research analysts forecast that Regal Rexnord Co. will post 9.24 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be paid a dividend of $0.35 per share. The ex-dividend date is Monday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.90%. Regal Rexnord’s payout ratio is 44.16%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RRX shares. Jefferies Financial Group started coverage on Regal Rexnord in a report on Thursday, December 12th. They issued a “buy” rating and a $215.00 price target on the stock. StockNews.com cut shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 16th. The Goldman Sachs Group increased their price objective 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 lowered their target price on shares of Regal Rexnord from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, Citigroup cut their price target on Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $202.00.

Insiders Place Their Bets

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of the 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 transaction, the chief executive officer now owns 149,618 shares in the company, valued at approximately $26,935,728.54. This represents a 5.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.82% of the company’s stock.

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.