Norges Bank Acquires Shares of 1,516,072 Regal Rexnord Co. (NYSE:RRX)

Norges Bank bought a new position in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,516,072 shares of the company's stock, valued at approximately $235,188,000. Norges Bank owned about 2.29% of Regal Rexnord at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ increased its position in Regal Rexnord by 472.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company's stock worth $25,000 after buying an additional 137 shares in the last quarter. Tobam acquired a new stake in shares of Regal Rexnord during the 4th quarter worth about $45,000. Jones Financial Companies Lllp grew its stake in Regal Rexnord by 90.5% in the 4th quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock worth $50,000 after acquiring an additional 153 shares during the period. Smartleaf Asset Management LLC lifted its position in Regal Rexnord by 45.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 337 shares of the company's stock worth $52,000 after buying an additional 105 shares during the period. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Regal Rexnord by 30.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company's stock valued at $71,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Citigroup cut their price objective on Regal Rexnord from $210.00 to $190.00 and set a "buy" rating on the stock in a report on Tuesday, January 14th. Oppenheimer decreased their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating for the company in a research report on Friday, February 7th. StockNews.com cut Regal Rexnord from a "buy" rating to a "hold" rating in a research note on Monday. Jefferies Financial Group started coverage on shares of Regal Rexnord in a research report on Thursday, December 12th. They set a "buy" rating and a $215.00 price target for the company. Finally, The Goldman Sachs Group dropped their target price on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a research report on Wednesday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Regal Rexnord presently has an average rating of "Moderate Buy" and a consensus price target of $188.88.

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Regal Rexnord Stock Performance

Shares of NYSE:RRX traded down $16.46 during trading hours on Thursday, hitting $105.05. The stock had a trading volume of 878,496 shares, compared to its average volume of 637,252. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. The stock's fifty day simple moving average is $133.45 and its 200 day simple moving average is $154.90. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 35.61, a PEG ratio of 1.37 and a beta of 1.11. Regal Rexnord Co. has a 1-year low of $105.05 and a 1-year high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its earnings results on Wednesday, February 5th. The company reported $2.34 EPS for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. Sell-side analysts anticipate that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.33%. Regal Rexnord's dividend payout ratio is presently 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.