Regal Rexnord Co. (NYSE:RRX) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its holdings in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 1.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 702,402 shares of the company's stock after selling 11,777 shares during the quarter. Principal Financial Group Inc. owned approximately 1.06% of Regal Rexnord worth $116,515,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. American Trust increased its holdings in Regal Rexnord by 11.5% during the third quarter. American Trust now owns 1,797 shares of the company's stock valued at $298,000 after buying an additional 185 shares during the last quarter. Franklin Resources Inc. raised its holdings in Regal Rexnord by 7.2% in the 3rd 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. Tidal Investments LLC lifted its position in Regal Rexnord by 4.8% during the third quarter. Tidal Investments LLC now owns 7,605 shares of the company's stock valued at $1,262,000 after purchasing an additional 347 shares in the last quarter. Coldstream Capital Management Inc. increased its position in Regal Rexnord by 5.3% in the third quarter. Coldstream Capital Management Inc. now owns 2,430 shares of the company's stock worth $404,000 after buying an additional 123 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Regal Rexnord by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company's stock worth $183,195,000 after purchasing an additional 9,338 shares during the period. Institutional investors own 99.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RRX shares. Loop Capital restated a "buy" rating and set a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. The Goldman Sachs Group upped their price target on shares of Regal Rexnord from $191.00 to $213.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Citigroup assumed coverage on shares of Regal Rexnord in a report on Monday, October 14th. They issued a "buy" rating and a $200.00 target price on the stock. Barclays increased their price target on shares of Regal Rexnord from $190.00 to $205.00 and gave the company an "overweight" rating in a report on Thursday, December 5th. Finally, Jefferies Financial Group assumed coverage on Regal Rexnord in a research report on Thursday, December 12th. They set a "buy" rating and a $215.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $205.13.

Insider Buying and Selling

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of Regal Rexnord 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 completion of the sale, the chief executive officer now directly owns 149,618 shares in the company, valued at $26,935,728.54. This trade represents a 5.54 % decrease in their ownership of the stock. 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.

Regal Rexnord Trading Down 0.0 %

NYSE:RRX opened at $155.96 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45. Regal Rexnord Co. has a one year low of $130.94 and a one year high of $185.28. The firm has a market cap of $10.33 billion, a P/E ratio of 49.20, a P/E/G ratio of 1.83 and a beta of 1.03. The firm has a 50-day simple moving average of $170.99 and a 200-day simple moving average of $159.07.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $2.49 earnings per share (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 analysts' expectations of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The firm's quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.10 EPS. Equities analysts anticipate that Regal Rexnord Co. will post 9.24 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.90%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord's payout ratio is currently 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.