BNP Paribas Financial Markets Sells 49,321 Shares of Regal Rexnord Co. (NYSE:RRX)

BNP Paribas Financial Markets trimmed its holdings in Regal Rexnord Co. (NYSE:RRX - Free Report) by 88.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,621 shares of the company's stock after selling 49,321 shares during the quarter. BNP Paribas Financial Markets' holdings in Regal Rexnord were worth $1,098,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RRX. CWM LLC grew its holdings in Regal Rexnord by 25.4% in the 2nd quarter. CWM LLC now owns 825 shares of the company's stock worth $112,000 after buying an additional 167 shares in the last quarter. SG Americas Securities LLC lifted its position in Regal Rexnord by 418.5% in the second quarter. SG Americas Securities LLC now owns 3,132 shares of the company's stock worth $424,000 after purchasing an additional 2,528 shares during the period. Raymond James & Associates lifted its position in Regal Rexnord by 4.6% in the second quarter. Raymond James & Associates now owns 114,948 shares of the company's stock worth $15,543,000 after purchasing an additional 5,056 shares during the period. Chesley Taft & Associates LLC lifted its position in Regal Rexnord by 6.5% in the second quarter. Chesley Taft & Associates LLC now owns 8,560 shares of the company's stock worth $1,157,000 after purchasing an additional 520 shares during the period. Finally, Pallas Capital Advisors LLC lifted its position in Regal Rexnord by 10.5% in the second quarter. Pallas Capital Advisors LLC now owns 13,820 shares of the company's stock worth $2,065,000 after purchasing an additional 1,317 shares during the period. 99.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RRX shares. Robert W. Baird cut their target price on Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating for the company in a research report on Wednesday, November 6th. StockNews.com upgraded Regal Rexnord from a "hold" rating to a "buy" rating in a research report on Wednesday, October 16th. Loop Capital reiterated a "buy" rating and set a $200.00 price objective on shares of Regal Rexnord in a research report on Thursday, September 19th. Barclays increased their price objective on Regal Rexnord from $190.00 to $205.00 and gave the company an "overweight" rating in a research report on Thursday, December 5th. Finally, Citigroup started coverage on Regal Rexnord in a research report on Monday, October 14th. They set a "buy" rating and a $200.00 price objective for the company. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $194.88.

Regal Rexnord Stock Up 1.1 %

Shares of RRX traded up $1.86 during mid-day trading on Wednesday, reaching $170.04. The company's stock had a trading volume of 339,463 shares, compared to its average volume of 452,989. The company has a quick ratio of 1.35, a current ratio of 2.45 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a 1 year low of $128.62 and a 1 year high of $185.28. The business has a fifty day moving average of $171.62 and a 200 day moving average of $158.40. The company has a market cap of $11.26 billion, a price-to-earnings ratio of 53.64, a price-to-earnings-growth ratio of 1.84 and a beta of 1.03.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.01. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company earned $2.10 earnings per share. Regal Rexnord's quarterly revenue was down 10.4% compared to the same quarter last year. As a group, analysts forecast that Regal Rexnord Co. will post 9.25 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.35 per share. 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 44.16%.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 8,774 shares of the company's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the completion of the sale, the chief executive officer now directly owns 149,618 shares of the company's stock, valued at approximately $26,935,728.54. This represents a 5.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.82% of the stock is owned by corporate insiders.

Regal Rexnord Profile

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.