Oppenheimer & Co. Inc. Sells 8,607 Shares of Regal Rexnord Corporation (NYSE:RRX)

Oppenheimer & Co. Inc. reduced its stake in Regal Rexnord Corporation (NYSE:RRX) by 14.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,781 shares of the company’s stock after selling 8,607 shares during the period. Oppenheimer & Co. Inc. owned 0.08% of Regal Rexnord worth $5,668,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ grew its stake in Regal Rexnord by 472.4% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company’s stock worth $25,000 after purchasing an additional 137 shares in the last quarter. Bernard Wealth Management Corp. bought a new position in shares of Regal Rexnord during the 4th quarter worth $30,000. Aster Capital Management DIFC Ltd bought a new position in shares of Regal Rexnord during the 4th quarter worth $33,000. Jones Financial Companies Lllp grew its position in shares of Regal Rexnord by 90.5% during the 4th quarter. Jones Financial Companies Lllp now owns 322 shares of the company’s stock worth $50,000 after buying an additional 153 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in Regal Rexnord by 45.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 337 shares of the company’s stock worth $52,000 after acquiring an additional 105 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

Insider Buying and Selling at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of the business’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $140.33, for a total value of $1,486,515.69. Following the completion of the transaction, the chief executive officer now owns 175,954 shares of the company’s stock, valued at $24,691,624.82. The trade was a 5.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on RRX shares. Barclays increased their target price on shares of Regal Rexnord from $155.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. The Goldman Sachs Group dropped their price objective on shares of Regal Rexnord from $183.00 to $163.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Wall Street Zen upgraded shares of Regal Rexnord from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 22nd. KeyCorp dropped their target price on Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Citigroup increased their target price on Regal Rexnord from $145.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $173.75.

Regal Rexnord Stock Up 3.2%

Regal Rexnord stock opened at $145.46 on Wednesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.26 and a quick ratio of 1.21. The stock has a market capitalization of $9.65 billion, a price-to-earnings ratio of 41.44, a PEG ratio of 1.44 and a beta of 1.16. The business has a fifty day moving average price of $128.78 and a 200-day moving average price of $135.08. Regal Rexnord Corporation has a 1-year low of $90.56 and a 1-year high of $185.28.

Regal Rexnord (NYSE:RRX) last released its earnings results on Monday, May 5th. The company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $0.33. Regal Rexnord had a net margin of 3.96% and a return on equity of 9.67%. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period last year, the business earned $2.00 EPS. Regal Rexnord’s revenue for the quarter was down 8.4% on a year-over-year basis. Equities research analysts forecast that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Monday, June 30th. Regal Rexnord’s payout ratio is 39.89%.

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.