Public Employees Retirement Association of Colorado Cuts Position in Regal Rexnord Co. (NYSE:RRX)

Public Employees Retirement Association of Colorado trimmed its position in shares of Regal Rexnord Co. (NYSE:RRX) by 5.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,024 shares of the company’s stock after selling 415 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Regal Rexnord were worth $950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of RRX. Rise Advisors LLC bought a new position in Regal Rexnord during the first quarter valued at $33,000. Headlands Technologies LLC bought a new position in shares of Regal Rexnord in the 2nd quarter valued at about $46,000. 1620 Investment Advisors Inc. purchased a new position in Regal Rexnord in the second quarter worth about $52,000. EntryPoint Capital LLC bought a new stake in Regal Rexnord during the first quarter worth approximately $68,000. Finally, Riverview Trust Co purchased a new stake in Regal Rexnord during the first quarter valued at approximately $75,000. 99.72% of the stock is currently owned by institutional investors.

Regal Rexnord Stock Performance

Shares of Regal Rexnord stock opened at $168.48 on Wednesday. The stock’s fifty day moving average is $157.01 and its two-hundred day moving average is $156.80. The company has a market capitalization of $11.21 billion, a PE ratio of -351.00, a price-to-earnings-growth ratio of 1.64 and a beta of 1.04. The company has a quick ratio of 1.38, a current ratio of 2.45 and a debt-to-equity ratio of 0.91. Regal Rexnord Co. has a 52 week low of $97.18 and a 52 week high of $183.85.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.15. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the prior year, the company earned $2.56 EPS. The business’s revenue was down 12.5% compared to the same quarter last year. As a group, analysts expect that Regal Rexnord Co. will post 9.53 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s payout ratio is -291.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group boosted their target price on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Loop Capital restated a “buy” rating and set a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. Raymond James initiated coverage on Regal Rexnord in a report on Friday, June 28th. They set a “market perform” rating on the stock. KeyCorp decreased their price target on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Robert W. Baird increased their price target on Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $191.29.

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.