Principal Financial Group Inc. Sells 22,905 Shares of Regal Rexnord Co. (NYSE:RRX)

Principal Financial Group Inc. decreased its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 3.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 679,497 shares of the company’s stock after selling 22,905 shares during the quarter. Principal Financial Group Inc. owned 1.03% of Regal Rexnord worth $105,411,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of RRX. Tobam bought a new position in shares of Regal Rexnord during the fourth quarter valued at approximately $45,000. Nomura Asset Management Co. Ltd. grew its stake in shares of Regal Rexnord by 30.3% during the third 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. grew its stake in shares of Regal Rexnord by 17.4% during the third 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 last quarter. GAMMA Investing LLC grew its stake in shares of Regal Rexnord by 28.3% during the fourth quarter. GAMMA Investing LLC now owns 1,079 shares of the company’s stock valued at $167,000 after buying an additional 238 shares during the last quarter. Finally, Weatherly Asset Management L. P. purchased a new stake in shares of Regal Rexnord in the third quarter valued at approximately $180,000. Institutional investors own 99.72% of the company’s stock.

Wall Street Analyst Weigh In

RRX has been the subject of a number of research reports. The Goldman Sachs Group boosted their price target on 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 price target on Regal Rexnord from $190.00 to $176.00 and set an “overweight” rating for the company in a report on Friday, February 14th. Robert W. Baird lowered their price target on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. StockNews.com lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 16th. Finally, Jefferies Financial Group initiated coverage on Regal Rexnord in a report on Thursday, December 12th. They issued a “buy” rating and a $215.00 price target for the company. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $197.75.

Regal Rexnord Stock Down 0.4 %

Regal Rexnord stock opened at $136.64 on Wednesday. The business has a fifty day moving average of $155.58 and a two-hundred day moving average of $162.13. The company has a quick ratio of 1.35, a current ratio of 2.26 and a debt-to-equity ratio of 0.87. The firm has a market cap of $9.05 billion, a P/E ratio of 46.32, a P/E/G ratio of 1.38 and a beta of 1.03. Regal Rexnord Co. has a twelve month low of $130.94 and a twelve month high of $185.28.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. On average, analysts forecast that Regal Rexnord Co. will post 10.32 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.02%. Regal Rexnord’s payout ratio is 47.46%.

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.