California Public Employees Retirement System Decreases Stake in Regal Rexnord Co. (NYSE:RRX)

California Public Employees Retirement System trimmed its position in Regal Rexnord Co. (NYSE:RRX - Free Report) by 9.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 105,559 shares of the company's stock after selling 10,573 shares during the quarter. California Public Employees Retirement System owned approximately 0.16% of Regal Rexnord worth $16,375,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in Regal Rexnord in the 4th quarter valued at $235,188,000. Victory Capital Management Inc. raised its position in shares of Regal Rexnord by 20.1% in the fourth quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company's stock worth $337,712,000 after buying an additional 363,728 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Regal Rexnord by 56.8% during the fourth quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock valued at $106,106,000 after buying an additional 247,673 shares during the period. TimesSquare Capital Management LLC grew its position in Regal Rexnord by 35.7% during the fourth quarter. TimesSquare Capital Management LLC now owns 884,095 shares of the company's stock worth $137,150,000 after buying an additional 232,509 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Regal Rexnord during the fourth quarter worth about $22,325,000. Hedge funds and other institutional investors own 99.72% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RRX. Citigroup dropped their price target on Regal Rexnord from $170.00 to $110.00 and set a "buy" rating for the company in a research report on Tuesday. Barclays cut their price target on shares of Regal Rexnord from $160.00 to $155.00 and set an "overweight" rating for the company in a research note on Wednesday, March 26th. The Goldman Sachs Group lowered their price target on Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. KeyCorp dropped their target price on Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday. Finally, Oppenheimer cut their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating for the company in a research report on Friday, February 7th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $170.75.

Regal Rexnord Trading Up 13.9 %

RRX traded up $13.03 during midday trading on Wednesday, reaching $107.09. 1,244,564 shares of the company's stock traded hands, compared to its average volume of 517,922. Regal Rexnord Co. has a 52 week low of $90.56 and a 52 week high of $185.28. 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 firm has a fifty day moving average of $124.65 and a two-hundred day moving average of $151.76. The stock has a market capitalization of $7.10 billion, a price-to-earnings ratio of 36.30, a P/E/G ratio of 1.37 and a beta of 1.09.

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

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.31%. Regal Rexnord's payout ratio is 47.46%.

Regal Rexnord Company 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.