Cartenna Capital LP Makes New $55.90 Million Investment in Regal Rexnord Co. (NYSE:RRX)

Cartenna Capital LP bought a new position in Regal Rexnord Co. (NYSE:RRX - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 360,344 shares of the company's stock, valued at approximately $55,900,000. Regal Rexnord accounts for about 2.7% of Cartenna Capital LP's portfolio, making the stock its 12th biggest position. Cartenna Capital LP owned about 0.54% of Regal Rexnord at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. bought a new position in shares of Regal Rexnord during the 4th quarter worth about $1,551,000. Price T Rowe Associates Inc. MD boosted its position in shares of Regal Rexnord by 8.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 46,477 shares of the company's stock valued at $7,210,000 after acquiring an additional 3,620 shares in the last quarter. Pinebridge Investments L.P. boosted its position in shares of Regal Rexnord by 42.7% during the 4th quarter. Pinebridge Investments L.P. now owns 19,024 shares of the company's stock valued at $2,951,000 after acquiring an additional 5,693 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Regal Rexnord by 114.1% during the 4th quarter. Hsbc Holdings PLC now owns 5,390 shares of the company's stock valued at $835,000 after acquiring an additional 2,873 shares in the last quarter. Finally, Stifel Financial Corp boosted its position in shares of Regal Rexnord by 8.6% during the 4th quarter. Stifel Financial Corp now owns 65,995 shares of the company's stock valued at $10,238,000 after acquiring an additional 5,245 shares in the last quarter. Institutional investors own 99.72% of the company's stock.

Regal Rexnord Price Performance

Shares of RRX stock traded up $0.34 during trading hours on Tuesday, reaching $106.37. 107,259 shares of the company were exchanged, compared to its average volume of 711,800. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25. The company has a market cap of $7.05 billion, a price-to-earnings ratio of 36.06, a P/E/G ratio of 1.37 and a beta of 1.09. The stock's fifty day moving average is $114.09 and its two-hundred day moving average is $145.66. Regal Rexnord Co. has a fifty-two week low of $90.56 and a fifty-two week high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share for the quarter, missing analysts' consensus estimates of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. Sell-side analysts forecast that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Investors of record on Monday, 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 1.32%. Regal Rexnord's dividend payout ratio (DPR) is 47.46%.

Analysts Set New Price Targets

RRX has been the topic of several recent research reports. The Goldman Sachs Group decreased their target price on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Oppenheimer reduced their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. KeyCorp reduced their price target on shares of Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Barclays reduced their price target on shares of Regal Rexnord from $160.00 to $155.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 26th. Finally, StockNews.com lowered shares of Regal Rexnord from a "buy" rating to a "hold" rating in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $170.75.

About Regal Rexnord

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.