Artemis Investment Management LLP Makes New $19.51 Million Investment in Regal Rexnord Co. (NYSE:RRX)

Artemis Investment Management LLP bought a new position in Regal Rexnord Co. (NYSE:RRX) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 108,360 shares of the company’s stock, valued at approximately $19,508,000.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Regal Rexnord by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock worth $1,004,848,000 after acquiring an additional 24,847 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Regal Rexnord by 4.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,532,578 shares of the company’s stock worth $522,892,000 after acquiring an additional 135,154 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Regal Rexnord by 2.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,397,492 shares of the company’s stock worth $206,862,000 after acquiring an additional 30,688 shares during the last quarter. Norges Bank bought a new position in shares of Regal Rexnord in the fourth quarter worth about $180,918,000. Finally, Franklin Resources Inc. raised its stake in shares of Regal Rexnord by 87.3% in the fourth quarter. Franklin Resources Inc. now owns 1,001,545 shares of the company’s stock worth $148,249,000 after acquiring an additional 466,820 shares during the last quarter. 99.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on RRX. Barclays dropped their price target on shares of Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. KeyCorp boosted their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. Raymond James began coverage on shares of Regal Rexnord in a research note on Friday. They set a “market perform” rating for the company. Robert W. Baird boosted their price target on shares of Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Finally, StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $192.00.

Regal Rexnord Stock Performance

Shares of NYSE:RRX opened at $135.22 on Friday. Regal Rexnord Co. has a 52 week low of $97.18 and a 52 week high of $183.85. The company has a quick ratio of 1.56, a current ratio of 2.62 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average price of $151.63 and a two-hundred day moving average price of $154.62.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Monday, May 6th. The company reported $2.00 EPS for the quarter, beating the consensus estimate of $1.98 by $0.02. Regal Rexnord had a negative net margin of 0.48% and a positive return on equity of 9.42%. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the prior year, the firm earned $2.22 earnings per share. The business’s quarterly revenue was up 26.4% on a year-over-year basis. As a group, analysts forecast that Regal Rexnord Co. will post 9.82 EPS for the current year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.04%. The ex-dividend date is Friday, June 28th. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

Regal Rexnord 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.