Mizuho Markets Cayman LP Trims Holdings in Regal Rexnord Corporation $RRX

Mizuho Markets Cayman LP reduced its stake in Regal Rexnord Corporation (NYSE:RRX) by 81.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 11,219 shares of the company’s stock after selling 50,072 shares during the quarter. Mizuho Markets Cayman LP’s holdings in Regal Rexnord were worth $2,101,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. IFP Advisors Inc raised its position in Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock valued at $27,000 after purchasing an additional 49 shares during the period. Parallel Advisors LLC grew its stake in shares of Regal Rexnord by 5.6% in the first quarter. Parallel Advisors LLC now owns 938 shares of the company’s stock valued at $176,000 after buying an additional 50 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its holdings in shares of Regal Rexnord by 0.4% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 14,855 shares of the company’s stock valued at $2,084,000 after buying an additional 60 shares during the period. UMB Bank n.a. lifted its stake in Regal Rexnord by 6.2% during the 4th quarter. UMB Bank n.a. now owns 1,023 shares of the company’s stock worth $144,000 after acquiring an additional 60 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its holdings in Regal Rexnord by 3.2% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 2,092 shares of the company’s stock valued at $392,000 after acquiring an additional 65 shares during the period. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RRX. Wolfe Research set a $250.00 price target on shares of Regal Rexnord in a research note on Thursday, July 9th. JPMorgan Chase & Co. lifted their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. KeyCorp upped their target price on shares of Regal Rexnord from $255.00 to $265.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. UBS Group set a $260.00 target price on shares of Regal Rexnord in a report on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Regal Rexnord in a research report on Monday. They issued a “buy” rating and a $286.00 price target for the company. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and an average target price of $247.00.

Insider Buying and Selling

In related news, CFO Robert Rehard sold 6,499 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the completion of the transaction, the chief financial officer owned 27,965 shares in the company, valued at approximately $5,593,000. The trade was a 18.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robin A. Walker-Lee sold 1,297 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $213.85, for a total value of $277,363.45. Following the completion of the transaction, the director directly owned 5,503 shares in the company, valued at $1,176,816.55. This trade represents a 19.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 30,305 shares of company stock worth $6,341,869. Corporate insiders own 0.63% of the company’s stock.

Regal Rexnord Stock Performance

Shares of RRX opened at $215.02 on Thursday. The stock has a 50-day simple moving average of $211.89 and a 200-day simple moving average of $199.13. 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 $14.31 billion, a PE ratio of 50.01, a PEG ratio of 2.00 and a beta of 1.08. Regal Rexnord Corporation has a 1 year low of $127.96 and a 1 year high of $247.80.

Regal Rexnord (NYSE:RRX) last released its earnings results on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.15 earnings per share. On average, analysts predict that Regal Rexnord Corporation will post 10.64 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Wednesday, September 30th. Regal Rexnord’s dividend payout ratio (DPR) is presently 32.56%.

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.