Handelsinvest Investeringsforvaltning Sells 1,027 Shares of Regal Rexnord Co. (NYSE:RRX)

Handelsinvest Investeringsforvaltning lowered its position in shares of Regal Rexnord Co. (NYSE:RRX) by 34.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,979 shares of the company’s stock after selling 1,027 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Regal Rexnord were worth $356,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Raymond James started coverage on Regal Rexnord in a research note on Friday, June 28th. They issued a “market perform” rating for the company. KeyCorp raised their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a research report on Monday, March 25th. Barclays dropped their target price on shares of Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Robert W. Baird lifted their target price on shares of Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Finally, Oppenheimer lifted their target price on shares of Regal Rexnord from $185.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 13th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Regal Rexnord presently has a consensus rating of “Moderate Buy” and an average price target of $192.00.

Regal Rexnord Stock Up 1.3 %

Regal Rexnord stock opened at $135.65 on Thursday. Regal Rexnord Co. has a 1-year low of $97.18 and a 1-year high of $183.85. The company has a current ratio of 2.62, a quick ratio of 1.56 and a debt-to-equity ratio of 0.99. The firm has a 50 day simple moving average of $149.76 and a 200 day simple moving average of $154.59.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.02. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.56 billion. Regal Rexnord had a negative net margin of 0.48% and a positive return on equity of 9.42%. Regal Rexnord’s revenue was up 26.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.22 EPS. On average, sell-side analysts expect that Regal Rexnord Co. will post 9.73 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.03%. Regal Rexnord’s dividend payout ratio (DPR) is currently -291.67%.

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.