PEAK6 Investments LLC Makes New Investment in Regal Rexnord Co. (NYSE:RRX)

PEAK6 Investments LLC acquired a new position in Regal Rexnord Co. (NYSE:RRX - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 9,384 shares of the company's stock, valued at approximately $1,557,000.

A number of other hedge funds have also bought and sold shares of RRX. Victory Capital Management Inc. lifted its holdings in shares of Regal Rexnord by 42.7% in the second quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company's stock worth $254,832,000 after buying an additional 563,853 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of Regal Rexnord by 68.9% in the third quarter. Westfield Capital Management Co. LP now owns 979,521 shares of the company's stock worth $162,483,000 after purchasing an additional 399,649 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Regal Rexnord by 24.7% in the second quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company's stock worth $152,183,000 after buying an additional 222,775 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its stake in Regal Rexnord by 7.1% during the second quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company's stock valued at $430,255,000 after buying an additional 209,776 shares during the period. Finally, Principal Financial Group Inc. grew its position in Regal Rexnord by 31.5% during the second quarter. Principal Financial Group Inc. now owns 714,179 shares of the company's stock worth $96,571,000 after buying an additional 171,069 shares in the last quarter. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RRX has been the topic of a number of recent analyst reports. Loop Capital reaffirmed a "buy" rating and issued a $200.00 target price on shares of Regal Rexnord in a research note on Thursday, September 19th. Robert W. Baird dropped their price objective on shares of Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating for the company in a report on Wednesday, November 6th. Citigroup assumed coverage on Regal Rexnord in a research note on Monday, October 14th. They issued a "buy" rating and a $200.00 target price on the stock. StockNews.com raised Regal Rexnord from a "hold" rating to a "buy" rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price objective on Regal Rexnord from $180.00 to $190.00 and gave the company an "overweight" rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Regal Rexnord currently has a consensus rating of "Moderate Buy" and an average target price of $193.00.

Insider Buying and Selling

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 149,618 shares in the company, valued at $26,935,728.54. The trade was a 5.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

Regal Rexnord Stock Up 0.2 %

Regal Rexnord stock traded up $0.40 during trading hours on Tuesday, hitting $174.92. The stock had a trading volume of 456,752 shares, compared to its average volume of 455,197. The stock's 50-day moving average price is $170.97 and its 200-day moving average price is $157.68. Regal Rexnord Co. has a 12-month low of $122.49 and a 12-month high of $185.28. The company has a quick ratio of 1.35, a current ratio of 2.45 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $11.58 billion, a P/E ratio of 55.14, a price-to-earnings-growth ratio of 1.89 and a beta of 1.03.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.01. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.53 billion. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The company's revenue was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.10 earnings per share. Equities research analysts anticipate that Regal Rexnord Co. will post 9.25 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.80%. Regal Rexnord's dividend payout ratio (DPR) is 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.