Regal Rexnord Co. (NYSE:RRX) Shares Sold by Bank of Montreal Can

Bank of Montreal Can reduced its position in Regal Rexnord Co. (NYSE:RRX) by 4.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 69,222 shares of the company’s stock after selling 3,038 shares during the period. Bank of Montreal Can’s holdings in Regal Rexnord were worth $9,751,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RRX. Rise Advisors LLC purchased a new stake in Regal Rexnord in the first quarter valued at approximately $33,000. Headlands Technologies LLC purchased a new stake in Regal Rexnord in the 2nd quarter valued at $46,000. EntryPoint Capital LLC purchased a new stake in Regal Rexnord in the 1st quarter valued at $68,000. 1620 Investment Advisors Inc. purchased a new position in Regal Rexnord during the 2nd quarter worth $52,000. Finally, Riverview Trust Co purchased a new position in Regal Rexnord during the 1st quarter worth $75,000. 99.72% of the stock is owned by institutional investors and hedge funds.

Regal Rexnord Price Performance

RRX opened at $167.18 on Monday. Regal Rexnord Co. has a 52-week low of $97.18 and a 52-week high of $183.85. The company has a 50 day moving average of $158.04 and a two-hundred day moving average of $156.78. The company has a market cap of $11.12 billion, a P/E ratio of -348.29, a P/E/G ratio of 1.78 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 (NYSE:RRX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.15. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The firm’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.56 EPS. On average, analysts expect that Regal Rexnord Co. will post 9.48 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.40 annualized dividend and a dividend yield of 0.84%. Regal Rexnord’s payout ratio is currently -291.67%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RRX shares. KeyCorp decreased their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. StockNews.com cut Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Raymond James began coverage on Regal Rexnord in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Robert W. Baird increased their price target on Regal Rexnord from $208.00 to $213.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Loop Capital reissued a “buy” rating and issued a $200.00 price objective on shares of Regal Rexnord in a research note on Thursday, September 19th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $191.29.

About Regal Rexnord

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.