Connor Clark & Lunn Investment Management Ltd. Trims Position in Regal Rexnord Co. (NYSE:RRX)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 75.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,818 shares of the company’s stock after selling 5,618 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Regal Rexnord were worth $302,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RRX. Harbor Capital Advisors Inc. acquired a new stake in Regal Rexnord during the 2nd quarter worth approximately $1,173,000. PNC Financial Services Group Inc. lifted its holdings in shares of Regal Rexnord by 29.2% during the third quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock worth $2,042,000 after purchasing an additional 2,783 shares during the period. Natixis Advisors LLC grew its position in Regal Rexnord by 15.3% in the 3rd quarter. Natixis Advisors LLC now owns 86,933 shares of the company’s stock valued at $14,420,000 after buying an additional 11,568 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Regal Rexnord by 31.4% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,686 shares of the company’s stock valued at $2,662,000 after buying an additional 4,701 shares during the period. Finally, Texas Permanent School Fund Corp raised its position in Regal Rexnord by 7.0% during the 2nd quarter. Texas Permanent School Fund Corp now owns 62,101 shares of the company’s stock worth $8,397,000 after buying an additional 4,076 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Price Performance

RRX stock opened at $172.71 on Friday. The firm has a 50 day moving average of $170.84 and a 200-day moving average of $157.64. The company has a market cap of $11.44 billion, a price-to-earnings ratio of 54.48, a PEG ratio of 1.83 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a 12-month low of $117.32 and a 12-month high of $185.28.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.01. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. Regal Rexnord’s quarterly revenue was down 10.4% on a year-over-year basis. During the same period last year, the business posted $2.10 EPS. As a group, equities analysts expect that Regal Rexnord Co. will post 9.25 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 annualized dividend and a dividend yield of 0.81%. Regal Rexnord’s dividend payout ratio is presently 44.16%.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of Regal Rexnord stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the completion of the transaction, the chief executive officer now owns 149,618 shares in the company, valued at approximately $26,935,728.54. The trade was a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on RRX shares. Citigroup began coverage on shares of Regal Rexnord in a report on Monday, October 14th. They issued a “buy” rating and a $200.00 target price on the stock. 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 report on Wednesday, November 6th. StockNews.com upgraded Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Barclays increased their target price on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Finally, Loop Capital restated a “buy” rating and issued a $200.00 price target on shares of Regal Rexnord in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $193.00.

Regal Rexnord 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.