Raymond James Financial Inc. Invests $22.33 Million in Regal Rexnord Co. (NYSE:RRX)

Raymond James Financial Inc. purchased a new stake in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 143,908 shares of the company's stock, valued at approximately $22,325,000. Raymond James Financial Inc. owned approximately 0.22% of Regal Rexnord at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of Regal Rexnord by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 436,307 shares of the company's stock valued at $72,375,000 after buying an additional 28,278 shares during the period. Geode Capital Management LLC raised its holdings in Regal Rexnord by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company's stock valued at $183,195,000 after buying an additional 9,338 shares in the last quarter. First Hawaiian Bank acquired a new stake in Regal Rexnord in the 4th quarter worth approximately $811,000. PNC Financial Services Group Inc. boosted its position in Regal Rexnord by 29.2% during the third quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company's stock worth $2,042,000 after purchasing an additional 2,783 shares during the period. Finally, Franklin Resources Inc. boosted its position in Regal Rexnord by 7.2% during the third quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company's stock worth $204,254,000 after purchasing an additional 77,215 shares during the period. 99.72% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RRX. The Goldman Sachs Group boosted their price objective 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. Citigroup reduced their price objective on Regal Rexnord from $210.00 to $190.00 and set a "buy" rating for the company in a research report on Tuesday, January 14th. StockNews.com lowered Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 16th. Oppenheimer reduced their target price on Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating for the company in a research report on Friday, February 7th. Finally, Barclays cut their price target on shares of Regal Rexnord from $176.00 to $160.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Regal Rexnord presently has a consensus rating of "Moderate Buy" and a consensus target price of $195.75.

Regal Rexnord Price Performance

Shares of NYSE:RRX traded up $4.73 during trading on Wednesday, reaching $123.50. The stock had a trading volume of 574,785 shares, compared to its average volume of 618,574. The stock has a market capitalization of $8.18 billion, a PE ratio of 41.86, a P/E/G ratio of 1.37 and a beta of 1.11. 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 52 week low of $113.73 and a 52 week high of $185.28. The business's 50-day moving average price is $141.27 and its 200 day moving average price is $157.37.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings data 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 net margin of 3.25% and a return on equity of 9.57%. As a group, equities analysts predict that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given 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 1.13%. Regal Rexnord's payout ratio is currently 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.