Massachusetts Financial Services Co. MA Lowers Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Massachusetts Financial Services Co. MA lessened its stake in Regal Rexnord Co. (NYSE:RRX - Free Report) by 0.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,804,929 shares of the company's stock after selling 21,359 shares during the quarter. Massachusetts Financial Services Co. MA owned 4.24% of Regal Rexnord worth $465,282,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC raised its position in shares of Regal Rexnord by 8.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 3,441 shares of the company's stock valued at $620,000 after purchasing an additional 258 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in Regal Rexnord by 8.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 58,336 shares of the company's stock worth $10,515,000 after buying an additional 4,342 shares during the last quarter. Shell Asset Management Co. raised its holdings in Regal Rexnord by 32.1% during the first quarter. Shell Asset Management Co. now owns 5,350 shares of the company's stock worth $964,000 after buying an additional 1,300 shares during the last quarter. EntryPoint Capital LLC bought a new stake in shares of Regal Rexnord in the 1st quarter worth $68,000. Finally, Capital International Inc. CA grew its stake in shares of Regal Rexnord by 4.1% in the 1st quarter. Capital International Inc. CA now owns 10,770 shares of the company's stock worth $1,940,000 after acquiring an additional 425 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.

Regal Rexnord Stock Performance

Regal Rexnord stock traded up $3.79 during midday trading on Friday, hitting $177.53. 551,465 shares of the company were exchanged, compared to its average volume of 453,393. The firm has a market capitalization of $11.76 billion, a PE ratio of 54.81, a price-to-earnings-growth ratio of 1.86 and a beta of 1.04. Regal Rexnord Co. has a fifty-two week low of $113.79 and a fifty-two week high of $185.28. The business has a fifty day simple moving average of $169.65 and a two-hundred day simple moving average of $157.15. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued 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 firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company posted $2.10 earnings per share. The business's revenue was down 10.4% on a year-over-year basis. On average, sell-side analysts forecast 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 paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 annualized dividend and a yield of 0.79%. Regal Rexnord's payout ratio is 44.16%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RRX shares. Robert W. Baird reduced their price target on shares of Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating for the company in a research report on Wednesday, November 6th. Loop Capital reissued a "buy" rating and issued a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. Citigroup started 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 on the stock. Barclays raised their target price on shares of Regal Rexnord from $180.00 to $190.00 and gave the company an "overweight" rating in a research note on Wednesday, October 2nd. Finally, StockNews.com upgraded shares of Regal Rexnord from a "hold" rating to a "buy" rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $193.00.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 8,774 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the transaction, the chief executive officer now owns 149,618 shares in the company, valued at $26,935,728.54. This trade represents a 5.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.82% of the stock is currently owned by insiders.

Regal Rexnord Company 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.