Thrivent Financial for Lutherans Decreases Stake in Regal Rexnord Co. (NYSE:RRX)

Thrivent Financial for Lutherans reduced its stake in Regal Rexnord Co. (NYSE:RRX - Free Report) by 12.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,940 shares of the company's stock after selling 19,013 shares during the period. Thrivent Financial for Lutherans owned approximately 0.20% of Regal Rexnord worth $21,720,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Headlands Technologies LLC purchased a new stake in Regal Rexnord in the second quarter valued at approximately $46,000. 1620 Investment Advisors Inc. purchased a new position in Regal Rexnord during the 2nd quarter valued at about $52,000. UMB Bank n.a. lifted its stake in Regal Rexnord by 72.5% in the third quarter. UMB Bank n.a. now owns 345 shares of the company's stock worth $57,000 after acquiring an additional 145 shares during the period. EntryPoint Capital LLC purchased a new position in shares of Regal Rexnord in the 1st quarter valued at approximately $68,000. Finally, GAMMA Investing LLC grew its stake in shares of Regal Rexnord by 13.9% in the 2nd quarter. GAMMA Investing LLC now owns 647 shares of the company's stock worth $87,000 after buying an additional 79 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Stock Down 0.5 %

Shares of RRX stock traded down $0.78 during trading hours on Wednesday, reaching $171.24. 350,099 shares of the stock were exchanged, compared to its average volume of 453,464. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35. The business's fifty day moving average is $168.70 and its two-hundred day moving average is $156.93. The firm has a market capitalization of $11.34 billion, a P/E ratio of 52.72, a P/E/G ratio of 1.83 and a beta of 1.04. Regal Rexnord Co. has a 12-month low of $113.79 and a 12-month high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings data 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. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the company posted $2.10 earnings per share. The business's quarterly revenue was down 10.4% compared to the same quarter last year. As a group, research analysts expect that Regal Rexnord Co. will post 9.25 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The company 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 dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.82%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord's dividend payout ratio (DPR) is 44.16%.

Insider Activity

In other news, CEO Louis V. Pinkham sold 8,774 shares of the business's stock in a transaction on 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 of the company's stock, valued at $26,935,728.54. The trade was a 5.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.82% of the company's stock.

Analysts Set New Price Targets

RRX has been the topic of several research analyst reports. StockNews.com upgraded shares of Regal Rexnord from a "hold" rating to a "buy" rating in a research note on Wednesday, October 16th. Citigroup initiated coverage on 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 lowered their target price on shares of Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating on the stock in a report on Wednesday, November 6th. The Goldman Sachs Group increased their price target on Regal Rexnord from $176.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, August 2nd. Finally, 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. One equities 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 presently has a consensus rating of "Moderate Buy" and a consensus target price of $193.00.

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.