Regal Rexnord Co. (NYSE:RRX) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its holdings in Regal Rexnord Co. (NYSE:RRX) by 1.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 24,938 shares of the company’s stock after selling 333 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Regal Rexnord were worth $3,869,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in RRX. JPMorgan Chase & Co. boosted its position in Regal Rexnord by 6.9% during the 3rd 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 during the period. Geode Capital Management LLC lifted its stake in shares of Regal Rexnord by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company’s stock worth $183,195,000 after purchasing an additional 9,338 shares in the last quarter. First Hawaiian Bank purchased a new stake in shares of Regal Rexnord in the fourth quarter worth about $811,000. PNC Financial Services Group Inc. grew its stake in shares of Regal Rexnord by 29.2% in the third quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock valued at $2,042,000 after buying an additional 2,783 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of 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 buying an additional 77,215 shares during the period. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RRX shares. StockNews.com cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 16th. Citigroup decreased their target price on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. The Goldman Sachs Group lifted their price target on shares of Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Oppenheimer decreased their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Finally, Jefferies Financial Group began coverage on Regal Rexnord in a research report on Thursday, December 12th. They set a “buy” rating and a $215.00 target price on the stock. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $197.75.

Regal Rexnord Stock Performance

Shares of Regal Rexnord stock opened at $136.01 on Thursday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. Regal Rexnord Co. has a 1 year low of $130.94 and a 1 year high of $185.28. The firm’s 50-day simple moving average is $154.27 and its 200-day simple moving average is $161.85. The firm has a market cap of $9.01 billion, a PE ratio of 46.10, a price-to-earnings-growth ratio of 1.38 and a beta of 1.03.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. Equities analysts forecast that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Monday, March 31st. Regal Rexnord’s dividend payout ratio is presently 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.