Westfield Capital Management Co. LP Trims Stock Position in Regal Rexnord Corporation $RRX

Westfield Capital Management Co. LP cut its stake in Regal Rexnord Corporation (NYSE:RRX) by 26.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 893,100 shares of the company’s stock after selling 328,630 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Regal Rexnord were worth $125,320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AIA Group Ltd purchased a new stake in Regal Rexnord in the third quarter valued at $1,477,000. Oppenheimer Asset Management Inc. lifted its position in Regal Rexnord by 475.2% in the third quarter. Oppenheimer Asset Management Inc. now owns 21,991 shares of the company’s stock valued at $3,154,000 after acquiring an additional 18,168 shares during the last quarter. American Century Companies Inc. purchased a new stake in Regal Rexnord in the third quarter valued at $47,778,000. Teachers Retirement System of The State of Kentucky lifted its position in Regal Rexnord by 55.2% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 124,005 shares of the company’s stock valued at $17,788,000 after acquiring an additional 44,100 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Regal Rexnord by 97.0% in the third quarter. JPMorgan Chase & Co. now owns 260,853 shares of the company’s stock valued at $37,419,000 after acquiring an additional 128,468 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 22,509 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the transaction, the chief executive officer directly owned 56,749 shares in the company, valued at $12,012,628.32. The trade was a 28.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert Rehard sold 6,499 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the transaction, the chief financial officer owned 27,965 shares in the company, valued at approximately $5,593,000. This trade represents a 18.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,305 shares of company stock worth $6,341,869 over the last ninety days. 0.63% of the stock is currently owned by company insiders.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $214.17 on Friday. The company has a 50-day simple moving average of $202.66 and a 200-day simple moving average of $181.50. Regal Rexnord Corporation has a one year low of $127.96 and a one year high of $236.35. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 2.17. The stock has a market capitalization of $14.26 billion, a price-to-earnings ratio of 49.81, a PEG ratio of 2.03 and a beta of 1.11.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the business posted $2.15 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year. On average, analysts predict that Regal Rexnord Corporation will post 10.63 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, June 30th. Regal Rexnord’s payout ratio is 32.56%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on RRX shares. Barclays boosted their price target on shares of Regal Rexnord from $237.00 to $245.00 and gave the company an “overweight” rating in a research report on Monday, March 23rd. Wall Street Zen cut shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 28th. KeyCorp upped their target price on shares of Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Regal Rexnord in a report on Tuesday, April 21st. Finally, The Goldman Sachs Group upped their target price on shares of Regal Rexnord from $170.00 to $230.00 and gave the company a “buy” rating in a report on Monday, February 9th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus price target of $232.25.

Regal Rexnord Company Profile

Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company’s operations are organized into multiple business segments that address distinct customer needs.