Jennison Associates LLC Has $21.77 Million Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Jennison Associates LLC boosted its position in Regal Rexnord Co. (NYSE:RRX - Free Report) by 4.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131,255 shares of the company's stock after acquiring an additional 5,942 shares during the quarter. Jennison Associates LLC owned 0.20% of Regal Rexnord worth $21,773,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RRX. Headlands Technologies LLC bought a new position in shares of Regal Rexnord in the 2nd quarter valued at $46,000. 1620 Investment Advisors Inc. bought a new position in Regal Rexnord in the second quarter valued at about $52,000. UMB Bank n.a. raised its stake in Regal Rexnord by 72.5% during the third quarter. UMB Bank n.a. now owns 345 shares of the company's stock worth $57,000 after acquiring an additional 145 shares in the last quarter. EntryPoint Capital LLC bought a new position in shares of Regal Rexnord in the first quarter worth about $68,000. Finally, GAMMA Investing LLC boosted its stake in shares of Regal Rexnord by 13.9% in the 2nd quarter. GAMMA Investing LLC now owns 647 shares of the company's stock valued at $87,000 after purchasing an additional 79 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RRX has been the subject of a number of research analyst reports. Citigroup initiated coverage on shares of Regal Rexnord in a research report on Monday, October 14th. They set a "buy" rating and a $200.00 price objective for the company. The Goldman Sachs Group increased their price target on Regal Rexnord from $176.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, August 2nd. Barclays boosted their price objective on Regal Rexnord from $180.00 to $190.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 2nd. Robert W. Baird dropped their target price on Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating for the company in a research report on Wednesday, November 6th. Finally, Loop Capital reissued a "buy" rating and set a $200.00 price target on shares of Regal Rexnord in a research note on Thursday, September 19th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $193.00.

Regal Rexnord Trading Up 2.1 %

Shares of Regal Rexnord stock traded up $3.63 during midday trading on Friday, reaching $177.37. The company had a trading volume of 551,471 shares, compared to its average volume of 505,198. The stock has a fifty day moving average price of $170.10 and a 200 day moving average price of $157.21. Regal Rexnord Co. has a fifty-two week low of $113.79 and a fifty-two week high of $185.28. The firm has a market cap of $11.75 billion, a PE ratio of 55.95, a P/E/G ratio of 1.88 and a beta of 1.04. 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 (NYSE:RRX - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported $2.49 EPS for the quarter, beating 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 company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the firm posted $2.10 EPS. The company's quarterly revenue was down 10.4% on a year-over-year basis. 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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date of this dividend is Tuesday, December 31st. Regal Rexnord's dividend payout ratio is 44.16%.

Insider Activity at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 8,774 shares of the firm's stock in a transaction dated Thursday, November 7th. The stock was 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 directly owns 149,618 shares in the company, valued at $26,935,728.54. This trade represents a 5.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.82% of the stock is owned by corporate insiders.

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.