Regal Rexnord Co. (NYSE:RRX) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its position in Regal Rexnord Co. (NYSE:RRX - Free Report) by 6.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 436,307 shares of the company's stock after buying an additional 28,278 shares during the period. JPMorgan Chase & Co. owned 0.66% of Regal Rexnord worth $72,375,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC raised its holdings in Regal Rexnord by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company's stock valued at $183,195,000 after buying an additional 9,338 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Regal Rexnord by 29.2% in the 3rd 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 period. Franklin Resources Inc. lifted its holdings in shares of Regal Rexnord by 7.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company's stock worth $204,254,000 after acquiring an additional 77,215 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Regal Rexnord by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 431,774 shares of the company's stock worth $71,623,000 after purchasing an additional 4,752 shares during the period. Finally, Natixis Advisors LLC increased its holdings in Regal Rexnord by 15.3% in the 3rd quarter. Natixis Advisors LLC now owns 86,933 shares of the company's stock valued at $14,420,000 after purchasing an additional 11,568 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RRX shares. StockNews.com upgraded Regal Rexnord from a "hold" rating to a "buy" rating in a research note on Wednesday, October 16th. Jefferies Financial Group assumed coverage on Regal Rexnord in a report on Thursday, December 12th. They set a "buy" rating and a $215.00 target price for the company. Robert W. Baird cut their price target 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. Citigroup assumed coverage on shares of Regal Rexnord in a report on Monday, October 14th. They issued a "buy" rating and a $200.00 price objective for the company. Finally, The Goldman Sachs Group increased their target price on shares of Regal Rexnord from $191.00 to $213.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $205.13.

Insiders Place Their Bets

In related news, CEO Louis V. Pinkham sold 8,774 shares of the company'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 of the company's stock, valued at $26,935,728.54. This represents a 5.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.82% of the stock is owned by corporate insiders.

Regal Rexnord Stock Up 3.5 %

Shares of RRX traded up $5.40 during midday trading on Friday, reaching $158.68. The stock had a trading volume of 527,498 shares, compared to its average volume of 421,099. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35. The company's fifty day simple moving average is $167.72 and its two-hundred day simple moving average is $160.11. The company has a market cap of $10.51 billion, a price-to-earnings ratio of 50.06, a PEG ratio of 1.83 and a beta of 1.03. Regal Rexnord Co. has a 1-year low of $130.94 and a 1-year high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.48 by $0.01. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the business earned $2.10 EPS. Regal Rexnord's revenue for the quarter was down 10.4% on a year-over-year basis. Equities research analysts expect that Regal Rexnord Co. will post 9.24 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be paid a $0.35 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 annualized dividend and a yield of 0.88%. Regal Rexnord's dividend payout ratio is currently 44.16%.

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.