Verition Fund Management LLC Sells 60,318 Shares of Regal Rexnord Co. (NYSE:RRX)

Verition Fund Management LLC reduced its position in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 79.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,714 shares of the company's stock after selling 60,318 shares during the quarter. Verition Fund Management LLC's holdings in Regal Rexnord were worth $2,607,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in RRX. Diamond Hill Capital Management Inc. raised its stake in shares of 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 acquiring an additional 209,776 shares during the last quarter. Victory Capital Management Inc. raised its position in Regal Rexnord by 42.7% during the 2nd quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company's stock valued at $254,832,000 after purchasing an additional 563,853 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Regal Rexnord by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,422,350 shares of the company's stock worth $192,338,000 after buying an additional 8,159 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Regal Rexnord by 6.9% in the 3rd 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 buying an additional 83,823 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Regal Rexnord by 1.1% during 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 buying an additional 12,301 shares during the period. Hedge funds and other institutional investors own 99.72% of the company's stock.

Insider Activity

In related news, CEO Louis V. Pinkham sold 8,774 shares of Regal Rexnord stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $180.03, for a total value of $1,579,583.22. Following the completion of the sale, the chief executive officer now owns 149,618 shares of the company's stock, valued at $26,935,728.54. The trade was a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.82% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. StockNews.com raised Regal Rexnord from a "hold" rating to a "buy" rating in a research note on Wednesday, October 16th. Barclays lifted their target price on shares of Regal Rexnord from $190.00 to $205.00 and gave the company an "overweight" rating in a research note on Thursday. 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 price target for the company. Robert W. Baird cut their price objective on Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 6th. Finally, Loop Capital reiterated a "buy" rating and set a $200.00 target price on shares of Regal Rexnord in a report on Thursday, September 19th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Regal Rexnord currently has an average rating of "Moderate Buy" and an average target price of $194.88.

Regal Rexnord Stock Down 2.2 %

Regal Rexnord stock traded down $3.89 during trading hours on Thursday, hitting $169.03. The stock had a trading volume of 308,627 shares, compared to its average volume of 454,013. The stock's 50-day moving average price is $171.26 and its 200-day moving average price is $157.89. The stock has a market capitalization of $11.19 billion, a P/E ratio of 53.70, a price-to-earnings-growth ratio of 1.89 and a beta of 1.03. 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.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.01. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The business had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same period in the prior year, the firm posted $2.10 EPS. The firm's quarterly revenue was down 10.4% on a year-over-year basis. Equities research analysts anticipate that Regal Rexnord Co. will post 9.25 EPS 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. Stockholders of record on Tuesday, December 31st will be paid a $0.35 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.83%. Regal Rexnord's dividend payout ratio is presently 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.