Adage Capital Partners GP L.L.C. Makes New $1.55 Million Investment in Regal Rexnord Co. (NYSE:RRX)

Adage Capital Partners GP L.L.C. purchased a new stake in shares of Regal Rexnord Co. (NYSE:RRX) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 10,000 shares of the company’s stock, valued at approximately $1,551,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in Regal Rexnord by 7.4% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,111 shares of the company’s stock valued at $190,000 after acquiring an additional 77 shares during the period. Moors & Cabot Inc. boosted its holdings in shares of Regal Rexnord by 4.1% in the fourth quarter. Moors & Cabot Inc. now owns 2,139 shares of the company’s stock worth $332,000 after buying an additional 85 shares during the last quarter. Advisory Research Inc. boosted its holdings in shares of Regal Rexnord by 1.5% in the fourth quarter. Advisory Research Inc. now owns 6,710 shares of the company’s stock worth $1,041,000 after buying an additional 98 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Regal Rexnord by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 2,061 shares of the company’s stock valued at $320,000 after buying an additional 101 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its position in Regal Rexnord by 45.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 337 shares of the company’s stock worth $52,000 after acquiring an additional 105 shares during the period. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on RRX. Oppenheimer decreased their target price on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Citigroup cut their price objective on Regal Rexnord from $170.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Barclays dropped their price target on shares of Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating for the company in a research report on Wednesday, March 26th. KeyCorp lowered their price target on Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, The Goldman Sachs Group decreased their price target on shares of Regal Rexnord from $183.00 to $163.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Regal Rexnord presently has an average rating of “Moderate Buy” and an average target price of $170.75.

Regal Rexnord Stock Performance

RRX stock opened at $107.00 on Wednesday. The business’s fifty day simple moving average is $113.51 and its two-hundred day simple moving average is $145.40. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87. The firm has a market cap of $7.09 billion, a price-to-earnings ratio of 36.27, a PEG ratio of 1.37 and a beta of 1.09. Regal Rexnord Co. has a twelve month low of $90.56 and a twelve month high of $185.28.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Wednesday, February 5th. The company reported $2.34 EPS for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. Analysts predict that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 1.31%. Regal Rexnord’s dividend payout ratio is currently 47.46%.

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.