Regal Rexnord Co. (NYSE:RRX) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc grew its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 3.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,960 shares of the company’s stock after acquiring an additional 61 shares during the period. CIBC Asset Management Inc’s holdings in Regal Rexnord were worth $325,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Headlands Technologies LLC acquired a new position in Regal Rexnord in the second quarter worth about $46,000. UMB Bank n.a. grew its stake in Regal Rexnord by 72.5% in the third quarter. UMB Bank n.a. now owns 345 shares of the company’s stock worth $57,000 after purchasing an additional 145 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Regal Rexnord in the first quarter worth about $68,000. 1620 Investment Advisors Inc. acquired a new position in Regal Rexnord in the second quarter worth about $52,000. Finally, GAMMA Investing LLC grew its stake in Regal Rexnord by 13.9% in the second quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock worth $87,000 after purchasing an additional 79 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Louis V. Pinkham sold 8,774 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 149,618 shares of the company’s stock, valued at $26,935,728.54. This represents a 5.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.82% of the stock is owned by company insiders.

Regal Rexnord Stock Up 1.5 %

Regal Rexnord stock opened at $173.74 on Friday. The firm has a market cap of $11.51 billion, a price-to-earnings ratio of 55.24, a P/E/G ratio of 1.86 and a beta of 1.04. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35. Regal Rexnord Co. has a fifty-two week low of $113.79 and a fifty-two week high of $185.28. The firm has a fifty day moving average price of $169.15 and a two-hundred day moving average price of $157.03.

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

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st 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 0.81%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord’s dividend payout ratio is currently 44.16%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Loop Capital reiterated a “buy” rating and issued a $200.00 price target on shares of Regal Rexnord in a research note on Thursday, September 19th. The Goldman Sachs Group lifted their target price on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Barclays lifted their target price on 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 Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Finally, Robert W. Baird decreased their target price on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $193.00.

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.