Regal Rexnord Corporation $RRX Position Boosted by Legal & General Group Plc

Legal & General Group Plc boosted its holdings in Regal Rexnord Corporation (NYSE:RRX) by 2.8% during the 2nd quarter, Holdings Channel reports. The fund owned 112,789 shares of the company’s stock after acquiring an additional 3,096 shares during the quarter. Legal & General Group Plc’s holdings in Regal Rexnord were worth $16,350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in RRX. Dimensional Fund Advisors LP increased its holdings in shares of Regal Rexnord by 30.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company’s stock valued at $194,955,000 after purchasing an additional 396,737 shares during the period. Nordea Investment Management AB bought a new position in Regal Rexnord in the 2nd quarter valued at about $224,889,000. The Manufacturers Life Insurance Company increased its stake in Regal Rexnord by 6.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,200,555 shares of the company’s stock valued at $136,683,000 after buying an additional 69,438 shares during the period. Nuveen LLC acquired a new position in Regal Rexnord during the 1st quarter valued at about $117,996,000. Finally, Invesco Ltd. raised its position in shares of Regal Rexnord by 76.3% during the 1st quarter. Invesco Ltd. now owns 932,829 shares of the company’s stock worth $106,203,000 after buying an additional 403,845 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Insider Activity at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 35,935 shares of Regal Rexnord stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $146.20, for a total value of $5,253,697.00. Following the transaction, the chief executive officer directly owned 103,262 shares of the company’s stock, valued at $15,096,904.40. This trade represents a 25.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.82% of the stock is currently owned by insiders.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $145.99 on Friday. The company has a market capitalization of $9.69 billion, a PE ratio of 37.72, a price-to-earnings-growth ratio of 1.52 and a beta of 1.19. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 2.00. The stock has a fifty day moving average of $141.51 and a 200-day moving average of $143.79. Regal Rexnord Corporation has a one year low of $90.56 and a one year high of $177.48.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Friday, September 8th. The company reported $2.76 earnings per share (EPS) for the quarter. Regal Rexnord had a return on equity of 9.75% and a net margin of 4.38%.The company had revenue of $1.85 billion for the quarter. As a group, equities analysts anticipate that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 14th. Shareholders of record on Wednesday, December 31st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, December 31st. Regal Rexnord’s dividend payout ratio (DPR) is presently 36.18%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RRX shares. JPMorgan Chase & Co. decreased their price objective on shares of Regal Rexnord from $200.00 to $190.00 and set an “overweight” rating for the company in a report on Friday, October 31st. KeyCorp decreased their price target on Regal Rexnord from $180.00 to $170.00 and set an “overweight” rating for the company in a research note on Tuesday, October 14th. The Goldman Sachs Group dropped their price objective on Regal Rexnord from $192.00 to $170.00 and set a “buy” rating on the stock in a research note on Tuesday, September 16th. Wall Street Zen cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Sunday, September 21st. Finally, Barclays reaffirmed an “overweight” rating and set a $165.00 target price on shares of Regal Rexnord in a report on Monday, November 3rd. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $184.63.

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.