First Citizens Bank & Trust Co. Makes New Investment in Regal Rexnord Corporation $RRX

First Citizens Bank & Trust Co. purchased a new stake in shares of Regal Rexnord Corporation (NYSE:RRX) during the 2nd quarter, HoldingsChannel reports. The fund purchased 5,057 shares of the company’s stock, valued at approximately $733,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Diamond Hill Capital Management Inc. boosted its stake in Regal Rexnord by 6.0% during the first quarter. Diamond Hill Capital Management Inc. now owns 3,083,622 shares of the company’s stock valued at $351,070,000 after buying an additional 175,273 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Regal Rexnord by 4.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,882,369 shares of the company’s stock worth $328,158,000 after acquiring an additional 115,564 shares during the period. Victory Capital Management Inc. raised its position in Regal Rexnord by 11.9% in the first quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company’s stock worth $277,435,000 after acquiring an additional 259,885 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Regal Rexnord by 30.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company’s stock valued at $194,955,000 after acquiring an additional 396,737 shares during the last quarter. Finally, Nordea Investment Management AB acquired a new stake in Regal Rexnord in the 2nd quarter valued at about $224,889,000. Institutional investors own 99.72% of the company’s stock.

Regal Rexnord Trading Up 0.1%

NYSE RRX opened at $147.53 on Friday. The firm’s 50 day moving average price is $145.02 and its two-hundred day moving average price is $138.34. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 2.00. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve month high of $185.28. The stock has a market cap of $9.79 billion, a price-to-earnings ratio of 39.24, a PEG ratio of 1.48 and a beta of 1.16.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Friday, September 8th. The company reported $2.76 EPS for the quarter. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%.The business had revenue of $1.85 billion during the quarter. Equities analysts anticipate that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 14th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, December 31st. Regal Rexnord’s payout ratio is 37.23%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Barclays dropped their target price on shares of Regal Rexnord from $163.00 to $161.00 and set an “overweight” rating on the stock in a report on Tuesday, September 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Regal Rexnord in a report on Wednesday, October 8th. KeyCorp cut their price objective on Regal Rexnord from $180.00 to $170.00 and set an “overweight” rating for the company in a research report on Tuesday, October 14th. The Goldman Sachs Group decreased their target price on Regal Rexnord from $192.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, September 16th. Finally, Wall Street Zen downgraded Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Sunday, September 21st. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $180.38.

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.