Connor Clark & Lunn Investment Management Ltd. Has $302,000 Holdings in Regal Rexnord Co. (NYSE:RRX)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 75.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,818 shares of the company's stock after selling 5,618 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Regal Rexnord were worth $302,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jennison Associates LLC lifted its position in Regal Rexnord by 4.7% during the 3rd quarter. Jennison Associates LLC now owns 131,255 shares of the company's stock valued at $21,773,000 after purchasing an additional 5,942 shares during the period. Commerce Bank lifted its holdings in Regal Rexnord by 1.6% in the third quarter. Commerce Bank now owns 425,901 shares of the company's stock valued at $70,648,000 after buying an additional 6,538 shares during the period. Avior Wealth Management LLC boosted its stake in Regal Rexnord by 17.5% in the third quarter. Avior Wealth Management LLC now owns 3,182 shares of the company's stock valued at $528,000 after acquiring an additional 474 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Regal Rexnord by 29.2% in the third quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company's stock valued at $2,042,000 after acquiring an additional 2,783 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Regal Rexnord during the 3rd quarter valued at $5,724,000. Institutional investors and hedge funds own 99.72% of the company's stock.

Insider Activity at Regal Rexnord

In other Regal Rexnord 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.82% of the company's stock.

Regal Rexnord Stock Up 1.8 %

Shares of Regal Rexnord stock traded up $3.05 on Friday, hitting $172.71. The company had a trading volume of 273,458 shares, compared to its average volume of 544,515. The stock has a 50-day moving average of $170.84 and a 200-day moving average of $157.64. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35. Regal Rexnord Co. has a twelve month low of $117.32 and a twelve month high of $185.28. The firm has a market capitalization of $11.44 billion, a P/E ratio of 54.48, a P/E/G ratio of 1.87 and a beta of 1.04.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, topping analysts' consensus estimates of $2.48 by $0.01. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the business earned $2.10 EPS. The company's revenue for the quarter was down 10.4% compared to the same quarter last year. Research analysts predict 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. 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 yield of 0.81%. Regal Rexnord's payout ratio is presently 44.16%.

Analysts Set New Price Targets

Several research firms have recently issued reports on RRX. Loop Capital restated a "buy" rating and issued a $200.00 price target on shares of Regal Rexnord in a research report on Thursday, September 19th. StockNews.com upgraded Regal Rexnord from a "hold" rating to a "buy" rating in a research report on Wednesday, October 16th. Barclays increased their price target on shares of Regal Rexnord from $180.00 to $190.00 and gave the company an "overweight" rating in a research report on Wednesday, October 2nd. Robert W. Baird reduced their price objective on shares of Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 6th. Finally, Citigroup initiated coverage on shares of Regal Rexnord in a research note on Monday, October 14th. They issued a "buy" rating and a $200.00 target price for the company. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Regal Rexnord presently has a consensus rating of "Moderate Buy" and an average price target of $193.00.

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.