Jennison Associates LLC Raises Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Jennison Associates LLC raised its position in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 33.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 175,702 shares of the company's stock after acquiring an additional 44,447 shares during the period. Jennison Associates LLC owned approximately 0.27% of Regal Rexnord worth $27,257,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. CIBC Asset Management Inc boosted its stake in shares of Regal Rexnord by 3.2% during the third quarter. CIBC Asset Management Inc now owns 1,960 shares of the company's stock valued at $325,000 after purchasing an additional 61 shares during the period. Hengehold Capital Management LLC lifted its position in shares of Regal Rexnord by 1.5% during the third quarter. Hengehold Capital Management LLC now owns 4,315 shares of the company's stock valued at $716,000 after buying an additional 65 shares during the last quarter. 1620 Investment Advisors Inc. lifted its position in shares of Regal Rexnord by 17.4% during the third quarter. 1620 Investment Advisors Inc. now owns 452 shares of the company's stock valued at $75,000 after buying an additional 67 shares during the last quarter. iA Global Asset Management Inc. increased its holdings in shares of Regal Rexnord by 2.7% during the third quarter. iA Global Asset Management Inc. now owns 2,626 shares of the company's stock valued at $436,000 after acquiring an additional 68 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Regal Rexnord by 2.7% during the third quarter. Nisa Investment Advisors LLC now owns 3,616 shares of the company's stock valued at $601,000 after acquiring an additional 95 shares in the last quarter. Institutional investors own 99.72% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RRX shares. Robert W. Baird cut their price objective on shares of Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating on the stock in a report on Wednesday, November 6th. Citigroup cut their price target on shares of Regal Rexnord from $210.00 to $190.00 and set a "buy" rating on the stock in a report on Tuesday, January 14th. Jefferies Financial Group assumed coverage on shares of Regal Rexnord in a report on Thursday, December 12th. They issued a "buy" rating and a $215.00 price target on the stock. Oppenheimer cut their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating on the stock in a report on Friday. Finally, Barclays dropped their price objective on shares of Regal Rexnord from $205.00 to $190.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $199.50.

Regal Rexnord Price Performance

Shares of NYSE:RRX traded down $3.94 during midday trading on Friday, reaching $138.93. 920,670 shares of the company's stock traded hands, compared to its average volume of 533,582. Regal Rexnord Co. has a 1 year low of $130.94 and a 1 year high of $185.28. The company has a market cap of $9.20 billion, a P/E ratio of 47.09, a PEG ratio of 1.38 and a beta of 1.03. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.26. The company has a fifty day simple moving average of $159.79 and a two-hundred day simple moving average of $162.80.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $2.34 earnings per share for the quarter, missing analysts' consensus estimates of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. Equities analysts predict that Regal Rexnord Co. will post 10.32 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Monday, March 31st. Regal Rexnord's payout ratio is 47.46%.

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.