Thrivent Financial for Lutherans Cuts Holdings in Regal Rexnord Co. (NYSE:RRX)

Thrivent Financial for Lutherans cut its position in shares of Regal Rexnord Co. (NYSE:RRX) by 11.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 149,953 shares of the company’s stock after selling 19,216 shares during the period. Thrivent Financial for Lutherans owned approximately 0.23% of Regal Rexnord worth $20,277,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its position in shares of Regal Rexnord by 167.5% during 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 in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Regal Rexnord by 42.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock valued at $254,832,000 after purchasing an additional 563,853 shares during the last quarter. Schroder Investment Management Group purchased a new position in shares of Regal Rexnord in the 4th quarter worth approximately $49,041,000. Capital World Investors increased its position in shares of Regal Rexnord by 4.7% during the 1st quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock valued at $1,188,615,000 after purchasing an additional 296,941 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its position in Regal Rexnord by 7.1% in the second quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock worth $430,255,000 after buying an additional 209,776 shares during the last quarter. 99.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Loop Capital reissued a “buy” rating and issued a $200.00 target price on shares of Regal Rexnord in a research note on Thursday, September 19th. StockNews.com lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Barclays dropped their target price on Regal Rexnord from $181.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. The Goldman Sachs Group raised their price target on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, KeyCorp dropped their price objective on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $191.29.

Regal Rexnord Stock Up 0.4 %

NYSE:RRX opened at $168.48 on Wednesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38. The firm has a market cap 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 50-day moving average of $157.01 and a 200 day moving average of $156.80. Regal Rexnord Co. has a 1-year low of $97.18 and a 1-year high of $183.85.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data 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 company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.51 billion. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. Regal Rexnord’s revenue was down 12.5% compared to the same quarter last year. During the same period last year, the company posted $2.56 earnings per share. As a group, research analysts anticipate that Regal Rexnord Co. will post 9.53 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors 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 yield of 0.83%. The ex-dividend date of this dividend is Friday, September 27th. Regal Rexnord’s payout ratio is currently -291.67%.

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.