Principal Financial Group Inc. Sells 22,905 Shares of Regal Rexnord Co. (NYSE:RRX)

Principal Financial Group Inc. lessened its holdings in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 3.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 679,497 shares of the company's stock after selling 22,905 shares during the period. Principal Financial Group Inc. owned 1.03% of Regal Rexnord worth $105,411,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. State Street Corp raised its position in Regal Rexnord by 1.3% in the 3rd quarter. State Street Corp now owns 1,972,866 shares of the company's stock worth $327,944,000 after purchasing an additional 24,860 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Regal Rexnord by 6.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,289,917 shares of the company's stock worth $213,971,000 after acquiring an additional 83,823 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Regal Rexnord by 7.2% during the third quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company's stock valued at $204,254,000 after acquiring an additional 77,215 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Regal Rexnord by 1.1% in the third quarter. The Manufacturers Life Insurance Company now owns 1,137,746 shares of the company's stock valued at $188,729,000 after acquiring an additional 12,301 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Regal Rexnord by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company's stock valued at $183,195,000 after acquiring an additional 9,338 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RRX has been the topic of a number of research reports. Robert W. Baird cut their target price on shares of Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 6th. The Goldman Sachs Group boosted their price target on shares of Regal Rexnord from $191.00 to $213.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. Oppenheimer reduced their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating on the stock in a research note on Friday, February 7th. Jefferies Financial Group began coverage on shares of Regal Rexnord in a research report on Thursday, December 12th. They set a "buy" rating and a $215.00 target price for the company. Finally, Citigroup reduced their price target on Regal Rexnord from $210.00 to $190.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Regal Rexnord presently has an average rating of "Moderate Buy" and an average target price of $197.75.

Regal Rexnord Trading Down 1.1 %

Shares of NYSE RRX traded down $1.55 during midday trading on Friday, reaching $134.50. 1,022,841 shares of the stock were exchanged, compared to its average volume of 601,786. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25. Regal Rexnord Co. has a 12 month low of $130.94 and a 12 month high of $185.28. The business has a 50-day simple moving average of $153.55 and a two-hundred day simple moving average of $161.67. The company has a market capitalization of $8.91 billion, a price-to-earnings ratio of 45.59, a P/E/G ratio of 1.37 and a beta of 1.03.

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

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Monday, March 31st. Regal Rexnord's dividend payout ratio (DPR) is presently 47.46%.

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.