Allspring Global Investments Holdings LLC Boosts Stake in Regal Rexnord Co. (NYSE:RRX)

Allspring Global Investments Holdings LLC grew its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 0.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 509,515 shares of the company’s stock after acquiring an additional 250 shares during the period. Allspring Global Investments Holdings LLC owned about 0.77% of Regal Rexnord worth $91,764,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RRX. Norges Bank bought a new position in shares of Regal Rexnord during the 4th quarter valued at approximately $180,918,000. The Manufacturers Life Insurance Company boosted its holdings in Regal Rexnord by 167.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock worth $140,374,000 after buying an additional 593,862 shares during the period. Franklin Resources Inc. boosted its holdings in Regal Rexnord by 87.3% in the 4th quarter. Franklin Resources Inc. now owns 1,001,545 shares of the company’s stock worth $148,249,000 after buying an additional 466,820 shares during the period. Schroder Investment Management Group bought a new position in Regal Rexnord in the 4th quarter worth approximately $49,041,000. Finally, Westfield Capital Management Co. LP bought a new position in Regal Rexnord in the 4th quarter worth approximately $37,768,000. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Stock Performance

NYSE:RRX traded up $1.11 during trading hours on Tuesday, hitting $133.29. The stock had a trading volume of 28,651 shares, compared to its average volume of 450,017. The company has a 50 day simple moving average of $150.99 and a two-hundred day simple moving average of $154.81. The company has a quick ratio of 1.56, a current ratio of 2.62 and a debt-to-equity ratio of 0.99. Regal Rexnord Co. has a one year low of $97.18 and a one year high of $183.85.

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

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, June 28th. Regal Rexnord’s dividend payout ratio (DPR) is currently -291.67%.

Analyst Ratings Changes

Several research analysts recently commented on RRX shares. KeyCorp raised their price objective on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a report on Monday, March 25th. StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, June 26th. Robert W. Baird raised their price objective on shares of Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. Barclays cut their price target on shares of Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Finally, Raymond James initiated coverage on shares of Regal Rexnord in a report on Friday. They issued a “market perform” rating for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $192.00.

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.