Regal Rexnord Co. (NYSE:RRX) Shares Sold by Profit Investment Management LLC

Profit Investment Management LLC cut its stake in Regal Rexnord Co. (NYSE:RRX - Free Report) by 56.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,952 shares of the company's stock after selling 13,010 shares during the period. Profit Investment Management LLC's holdings in Regal Rexnord were worth $1,651,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rise Advisors LLC purchased a new position in Regal Rexnord in the first quarter valued at $33,000. Headlands Technologies LLC purchased a new stake in Regal Rexnord during the 2nd quarter worth about $46,000. 1620 Investment Advisors Inc. purchased a new stake in Regal Rexnord during the 2nd quarter worth about $52,000. UMB Bank n.a. lifted its holdings in Regal Rexnord by 72.5% during the 3rd quarter. UMB Bank n.a. now owns 345 shares of the company's stock worth $57,000 after buying an additional 145 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Regal Rexnord during the 1st quarter worth about $68,000. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Regal Rexnord Stock Performance

Shares of Regal Rexnord stock traded up $7.25 on Friday, hitting $171.21. The stock had a trading volume of 409,979 shares, compared to its average volume of 450,496. The stock has a market cap of $11.39 billion, a price-to-earnings ratio of -8,560.50, a P/E/G ratio of 1.76 and a beta of 1.04. Regal Rexnord Co. has a 52-week low of $97.18 and a 52-week high of $183.85. The company's 50 day moving average price is $160.37 and its 200 day moving average price is $156.23. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.15. The firm had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The firm's revenue for the quarter was down 12.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.56 EPS. On average, research analysts anticipate that Regal Rexnord Co. will post 9.48 EPS for the current year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend is Friday, September 27th. Regal Rexnord's dividend payout ratio (DPR) is presently -7,000.00%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on RRX shares. Robert W. Baird lifted their price target on Regal Rexnord from $208.00 to $213.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. Barclays lifted their price target on Regal Rexnord from $180.00 to $190.00 and gave the stock an "overweight" rating in a report on Wednesday, October 2nd. KeyCorp decreased their price target on Regal Rexnord from $210.00 to $190.00 and set an "overweight" rating for the company in a report on Monday, July 15th. Loop Capital reaffirmed a "buy" rating and set a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. Finally, The Goldman Sachs Group boosted their target price on Regal Rexnord from $176.00 to $195.00 and gave the company a "buy" rating in a report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $192.71.

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.