US Bancorp DE Lowers Stake in Regal Rexnord Co. (NYSE:RRX)

US Bancorp DE reduced its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 11.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,627 shares of the company’s stock after selling 215 shares during the period. US Bancorp DE’s holdings in Regal Rexnord were worth $270,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of RRX. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Regal Rexnord by 8.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 58,336 shares of the company’s stock valued at $10,515,000 after acquiring an additional 4,342 shares in the last quarter. Blair William & Co. IL boosted its holdings in shares of Regal Rexnord by 161.4% in the first quarter. Blair William & Co. IL now owns 7,770 shares of the company’s stock valued at $1,399,000 after acquiring an additional 4,798 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in shares of Regal Rexnord by 18.6% in the first quarter. Westfield Capital Management Co. LP now owns 302,532 shares of the company’s stock valued at $54,486,000 after acquiring an additional 47,379 shares in the last quarter. PEAK6 Investments LLC boosted its holdings in shares of Regal Rexnord by 52.2% in the first quarter. PEAK6 Investments LLC now owns 28,696 shares of the company’s stock valued at $5,168,000 after acquiring an additional 9,848 shares in the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Regal Rexnord in the second quarter valued at about $1,173,000. 99.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 8,774 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $180.03, for a total value of $1,579,583.22. Following the completion of the sale, the chief executive officer now directly owns 149,618 shares in the company, valued at approximately $26,935,728.54. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.82% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently commented on RRX. Barclays raised their price objective on shares of Regal Rexnord from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Robert W. Baird reduced their price objective on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. The Goldman Sachs Group lifted their target price on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Citigroup assumed coverage on shares of Regal Rexnord in a research report on Monday, October 14th. They set a “buy” rating and a $200.00 target price for the company. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Regal Rexnord currently has a consensus rating of “Moderate Buy” and an average target price of $193.00.

Regal Rexnord Stock Performance

Shares of NYSE RRX opened at $172.06 on Thursday. The company has a market cap of $11.40 billion, a PE ratio of 54.28, a price-to-earnings-growth ratio of 1.85 and a beta of 1.04. Regal Rexnord Co. has a 12 month low of $111.33 and a 12 month high of $185.28. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35. The company has a 50-day simple moving average of $166.89 and a 200-day simple moving average of $156.73.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Monday, November 4th. The company reported $2.49 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.01. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The company’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.10 earnings per share. On average, equities analysts anticipate that Regal Rexnord Co. will post 9.2 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.81%. Regal Rexnord’s dividend payout ratio (DPR) is presently 44.16%.

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.