PNC Financial Services Group Inc. Purchases 2,783 Shares of Regal Rexnord Co. (NYSE:RRX)

PNC Financial Services Group Inc. increased its stake in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 29.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,311 shares of the company's stock after acquiring an additional 2,783 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Regal Rexnord were worth $2,042,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. CIBC Asset Management Inc boosted its position in shares of Regal Rexnord by 3.2% during the third quarter. CIBC Asset Management Inc now owns 1,960 shares of the company's stock worth $325,000 after acquiring an additional 61 shares during the last quarter. Hengehold Capital Management LLC lifted its position in Regal Rexnord by 1.5% during the third quarter. Hengehold Capital Management LLC now owns 4,315 shares of the company's stock valued at $716,000 after purchasing an additional 65 shares during the last quarter. 1620 Investment Advisors Inc. lifted its position in Regal Rexnord by 17.4% during the third quarter. 1620 Investment Advisors Inc. now owns 452 shares of the company's stock valued at $75,000 after purchasing an additional 67 shares during the last quarter. GAMMA Investing LLC lifted its position in Regal Rexnord by 13.9% during the second quarter. GAMMA Investing LLC now owns 647 shares of the company's stock valued at $87,000 after purchasing an additional 79 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Regal Rexnord by 2.7% during the third quarter. Nisa Investment Advisors LLC now owns 3,616 shares of the company's stock valued at $601,000 after purchasing an additional 95 shares during the last quarter. Institutional investors own 99.72% of the company's stock.

Regal Rexnord Trading Down 5.7 %

RRX stock traded down $10.33 during trading on Tuesday, hitting $171.89. The company had a trading volume of 687,509 shares, compared to its average volume of 456,178. The firm has a market capitalization of $11.38 billion, a P/E ratio of 57.48, a PEG ratio of 1.92 and a beta of 1.04. Regal Rexnord Co. has a 52-week low of $113.79 and a 52-week high of $185.28. The company has a 50 day simple moving average of $170.63 and a 200-day simple moving average of $157.36. The company has a quick ratio of 1.35, a current ratio of 2.45 and a debt-to-equity ratio of 0.87.

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

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend is Tuesday, December 31st. Regal Rexnord's dividend payout ratio is presently 44.16%.

Insiders Place Their Bets

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of the stock in a transaction dated Thursday, November 7th. The shares were 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 directly owns 149,618 shares in the company, valued at $26,935,728.54. This represents a 5.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.82% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on RRX shares. StockNews.com upgraded shares of Regal Rexnord from a "hold" rating to a "buy" rating in a research report on Wednesday, October 16th. Barclays increased their price objective on shares of Regal Rexnord from $180.00 to $190.00 and gave the company an "overweight" rating in a research report on Wednesday, October 2nd. The Goldman Sachs Group increased their price objective on shares of Regal Rexnord from $176.00 to $195.00 and gave the company a "buy" rating in a research report on Friday, August 2nd. Loop Capital reissued a "buy" rating and issued a $200.00 target price on shares of Regal Rexnord in a research note on Thursday, September 19th. Finally, 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. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $193.00.

Regal Rexnord 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.