Commerce Bank Has $70.65 Million Stake in Regal Rexnord Co. (NYSE:RRX)

Commerce Bank lifted its holdings in Regal Rexnord Co. (NYSE:RRX - Free Report) by 1.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 425,901 shares of the company's stock after acquiring an additional 6,538 shares during the period. Commerce Bank owned 0.64% of Regal Rexnord worth $70,648,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RRX. Victory Capital Management Inc. boosted its stake in 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 Regal Rexnord by 4.7% during the 1st quarter. Capital World Investors now owns 6,599,752 shares of the company's stock valued at $1,188,615,000 after acquiring an additional 296,941 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Regal Rexnord by 24.7% in the 2nd 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 in the last quarter. Diamond Hill Capital Management Inc. lifted its position in Regal Rexnord by 7.1% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company's stock worth $430,255,000 after acquiring an additional 209,776 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Regal Rexnord by 31.5% during the 2nd quarter. Principal Financial Group Inc. now owns 714,179 shares of the company's stock worth $96,571,000 after acquiring an additional 171,069 shares during the period. Institutional investors own 99.72% of the company's stock.

Insiders Place Their Bets

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $180.03, for a total value of $1,579,583.22. Following the completion of the sale, the chief executive officer now owns 149,618 shares in the company, valued at $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 available through this hyperlink. Insiders own 0.82% of the company's stock.

Regal Rexnord Stock Down 1.7 %

RRX stock traded down $3.01 during trading on Wednesday, reaching $169.01. The stock had a trading volume of 201,109 shares, compared to its average volume of 452,710. The company has a market capitalization of $11.19 billion, a P/E ratio of 52.72, a PEG ratio of 1.83 and a beta of 1.04. The firm has a fifty day moving average price of $168.70 and a 200 day moving average price of $156.93. The company has a current ratio of 2.45, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87. 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 quarterly earnings results on Monday, November 4th. The company reported $2.49 EPS for the quarter, beating the consensus estimate of $2.48 by $0.01. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The firm's quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.10 EPS. On average, equities analysts anticipate that Regal Rexnord Co. will post 9.25 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.83%. Regal Rexnord's payout ratio is 44.16%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Robert W. Baird reduced their price objective on Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating for the company in a research note on Wednesday, November 6th. Barclays lifted their price objective on Regal Rexnord from $180.00 to $190.00 and gave the stock an "overweight" rating in a report on Wednesday, October 2nd. The Goldman Sachs Group lifted their price objective on Regal Rexnord from $176.00 to $195.00 and gave the stock a "buy" rating in a report on Friday, August 2nd. Citigroup began coverage on Regal Rexnord in a report on Monday, October 14th. They set a "buy" rating and a $200.00 target price on the stock. Finally, Loop Capital restated a "buy" rating and set a $200.00 target price on shares of Regal Rexnord in a report on Thursday, September 19th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $193.00.

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.