B. Metzler seel. Sohn & Co. Holding AG bought a new position in Regal Rexnord Co. (NYSE:RRX - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 34,505 shares of the company's stock, valued at approximately $5,724,000. B. Metzler seel. Sohn & Co. Holding AG owned about 0.05% of Regal Rexnord at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the stock. Victory Capital Management Inc. boosted its position in shares of Regal Rexnord by 42.7% during the second quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company's stock valued at $254,832,000 after buying an additional 563,853 shares during the last quarter. Capital World Investors boosted its position in shares of Regal Rexnord by 4.7% during the first quarter. Capital World Investors now owns 6,599,752 shares of the company's stock valued at $1,188,615,000 after buying an additional 296,941 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Regal Rexnord by 24.7% in the second quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company's stock worth $152,183,000 after purchasing an additional 222,775 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its position in Regal Rexnord by 7.1% in the second quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company's stock worth $430,255,000 after purchasing an additional 209,776 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Regal Rexnord by 31.5% in the second quarter. Principal Financial Group Inc. now owns 714,179 shares of the company's stock worth $96,571,000 after purchasing an additional 171,069 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research analysts have issued reports on RRX shares. Barclays raised their target price on Regal Rexnord from $180.00 to $190.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 2nd. Loop Capital reissued a "buy" rating and issued a $200.00 target price on shares of Regal Rexnord in a research report on Thursday, September 19th. The Goldman Sachs Group raised their price objective on Regal Rexnord from $176.00 to $195.00 and gave the stock a "buy" rating in a research note on Friday, August 2nd. StockNews.com raised Regal Rexnord from a "hold" rating to a "buy" rating in a research note on Wednesday, October 16th. Finally, Citigroup started coverage on Regal Rexnord in a research note on Monday, October 14th. They set a "buy" rating and a $200.00 target price on the stock. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $193.00.
Read Our Latest Analysis on Regal Rexnord
Insider Activity at Regal Rexnord
In related news, CEO Louis V. Pinkham sold 8,774 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $180.03, for a total value of $1,579,583.22. Following the completion of the transaction, the chief executive officer now directly owns 149,618 shares in the company, valued at approximately $26,935,728.54. This represents a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.82% of the company's stock.
Regal Rexnord Stock Performance
Regal Rexnord stock traded down $0.86 during trading hours on Wednesday, hitting $171.16. 442,869 shares of the stock traded hands, compared to its average volume of 453,877. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35. The firm's 50 day moving average price is $168.70 and its 200-day moving average price is $156.93. The stock has a market capitalization of $11.34 billion, a price-to-earnings ratio of 52.72, a P/E/G ratio of 1.83 and a beta of 1.04. Regal Rexnord Co. has a 1 year low of $113.79 and a 1 year high of $185.28.
Regal Rexnord (NYSE:RRX - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported $2.49 EPS for the quarter, topping analysts' consensus estimates of $2.48 by $0.01. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.53 billion. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The company's revenue was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.10 earnings per share. As a group, equities analysts expect that Regal Rexnord Co. will post 9.25 EPS for the current fiscal year.
Regal Rexnord Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a $0.35 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 annualized dividend and a dividend yield of 0.82%. Regal Rexnord's dividend payout ratio is presently 44.16%.
About Regal Rexnord
(
Free Report)
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.
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