Forest Avenue Capital Management LP lowered its holdings in Regal Rexnord Co. (NYSE:RRX - Free Report) by 69.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 81,313 shares of the company's stock after selling 181,669 shares during the period. Regal Rexnord makes up about 1.2% of Forest Avenue Capital Management LP's portfolio, making the stock its 20th largest holding. Forest Avenue Capital Management LP owned approximately 0.12% of Regal Rexnord worth $12,614,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in RRX. Norges Bank acquired a new stake in shares of Regal Rexnord during the 4th quarter worth approximately $235,188,000. Victory Capital Management Inc. raised its holdings in shares of Regal Rexnord by 20.1% during the fourth quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company's stock valued at $337,712,000 after purchasing an additional 363,728 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Regal Rexnord by 56.8% during the 4th quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock worth $106,106,000 after purchasing an additional 247,673 shares in the last quarter. TimesSquare Capital Management LLC increased its position in Regal Rexnord by 35.7% in the 4th quarter. TimesSquare Capital Management LLC now owns 884,095 shares of the company's stock valued at $137,150,000 after buying an additional 232,509 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Regal Rexnord in the fourth quarter worth approximately $22,325,000. 99.72% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have recently commented on the stock. Citigroup lowered their target price on shares of Regal Rexnord from $170.00 to $110.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Barclays cut their price objective on Regal Rexnord from $160.00 to $155.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 26th. The Goldman Sachs Group cut their price target on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. StockNews.com cut shares of Regal Rexnord from a "buy" rating to a "hold" rating in a research note on Wednesday. Finally, KeyCorp decreased their price objective on Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $170.75.
Get Our Latest Research Report on RRX
Regal Rexnord Stock Up 1.8 %
Shares of NYSE RRX traded up $1.74 during midday trading on Friday, hitting $98.38. The company's stock had a trading volume of 839,476 shares, compared to its average volume of 531,653. 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 market capitalization of $6.52 billion, a price-to-earnings ratio of 33.35, a price-to-earnings-growth ratio of 1.37 and a beta of 1.09. The business's fifty day simple moving average is $118.86 and its two-hundred day simple moving average is $149.02. Regal Rexnord Co. has a 1 year low of $90.56 and a 1 year high of $185.28.
Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings data 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 return on equity of 9.57% and a net margin of 3.25%. On average, equities analysts predict that Regal Rexnord Co. will post 9.95 EPS for the current year.
Regal Rexnord Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, April 14th. Shareholders of record on Monday, March 31st were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend was Monday, March 31st. Regal Rexnord's dividend payout ratio (DPR) is currently 47.46%.
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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