D.A. Davidson & CO. Makes New $580,000 Investment in Regal Rexnord Corporation $RRX

D.A. Davidson & CO. purchased a new position in shares of Regal Rexnord Corporation (NYSE:RRX) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,737 shares of the company’s stock, valued at approximately $580,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. bought a new position in Regal Rexnord in the 2nd quarter worth approximately $1,477,356,000. Bank of New York Mellon Corp bought a new stake in shares of Regal Rexnord during the 2nd quarter valued at $449,281,000. Wellington Management Group LLP increased its position in shares of Regal Rexnord by 75.8% in the second quarter. Wellington Management Group LLP now owns 2,584,056 shares of the company’s stock valued at $615,496,000 after acquiring an additional 1,113,888 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Regal Rexnord during the 2nd quarter valued at about $254,637,000. Finally, Bessemer Group Inc. grew its stake in Regal Rexnord by 4,155.4% during the first quarter. Bessemer Group Inc. now owns 916,054 shares of the company’s stock valued at $171,541,000 after acquiring an additional 894,527 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RRX shares. JPMorgan Chase & Co. cut their price target on shares of Regal Rexnord from $240.00 to $196.00 and set an “overweight” rating for the company in a report on Friday, October 9th. The Goldman Sachs Group set a $216.00 price objective on shares of Regal Rexnord in a research note on Wednesday, September 30th. KeyCorp reduced their price target on Regal Rexnord from $265.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft started coverage on shares of Regal Rexnord in a research report on Monday, July 20th. They set a “buy” rating and a $286.00 price objective on the stock. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research report on Thursday, October 15th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $231.33.

Regal Rexnord Price Performance

RRX stock opened at $169.06 on Friday. The stock has a 50-day moving average price of $158.26 and a two-hundred day moving average price of $189.57. Regal Rexnord Corporation has a 1 year low of $127.96 and a 1 year high of $247.80. The company has a current ratio of 2.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.66. The stock has a market cap of $11.26 billion, a PE ratio of 48.86, a price-to-earnings-growth ratio of 1.28 and a beta of 1.09.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $2.90 EPS for the quarter, beating the consensus estimate of $2.65 by $0.25. Regal Rexnord had a net margin of 5.35% and a return on equity of 9.93%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same quarter last year, the business posted $2.51 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities analysts forecast that Regal Rexnord Corporation will post 10.73 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 14th. Investors of record on Thursday, December 31st will be issued a $0.35 dividend. The ex-dividend date is Thursday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. Regal Rexnord’s dividend payout ratio is currently 40.46%.

Regal Rexnord Profile

Regal Rexnord Corporation is an industrial manufacturing company that develops and produces electric motors, power transmission components, motion-control systems and other equipment used in industrial and commercial applications. Its products include motors, gearboxes, bearings, couplings, belts, chains, drives, clutches, brakes and related controls, as well as air-moving and power-management solutions.

The company serves customers across industries such as automation, material handling, food and beverage, renewable energy, heating and ventilation, agriculture, and general industrial production.