Assetmark Inc. Lowers Stock Position in Regal Rexnord Co. (NYSE:RRX)

Assetmark Inc. lowered its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 18.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,405 shares of the company’s stock after selling 310 shares during the quarter. Assetmark Inc.’s holdings in Regal Rexnord were worth $233,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of RRX. Robeco Institutional Asset Management B.V. boosted its stake in shares of Regal Rexnord by 0.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 32,427 shares of the company’s stock valued at $5,379,000 after buying an additional 289 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in Regal Rexnord by 164.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 22,958 shares of the company’s stock worth $3,808,000 after acquiring an additional 14,280 shares in the last quarter. Weatherly Asset Management L. P. acquired a new position in Regal Rexnord in the third quarter worth $180,000. 1620 Investment Advisors Inc. lifted its holdings in shares of Regal Rexnord by 17.4% in the 3rd quarter. 1620 Investment Advisors Inc. now owns 452 shares of the company’s stock worth $75,000 after purchasing an additional 67 shares during the last quarter. Finally, First Trust Direct Indexing L.P. bought a new position in Regal Rexnord in the 3rd quarter worth approximately $272,000. 99.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 149,618 shares in the company, valued at $26,935,728.54. The trade was a 5.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.82% of the stock is owned by company insiders.

Regal Rexnord Price Performance

Regal Rexnord stock opened at $169.73 on Friday. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of 53.54, a PEG ratio of 1.86 and a beta of 1.04. The company has a quick ratio of 1.35, a current ratio of 2.45 and a debt-to-equity ratio of 0.87. The business has a 50-day simple moving average of $167.71 and a 200 day simple moving average of $156.84. Regal Rexnord Co. has a 52 week low of $113.79 and a 52 week high of $185.28.

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

Regal Rexnord Dividend Announcement

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 paid a $0.35 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.82%. Regal Rexnord’s dividend payout ratio (DPR) is currently 44.16%.

Regal Rexnord Company 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.