Balyasny Asset Management L.P. Has $13.20 Million Holdings in Regal Rexnord Co. (NYSE:RRX)

Balyasny Asset Management L.P. lifted its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 3,462.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,102 shares of the company’s stock after purchasing an additional 82,713 shares during the period. Balyasny Asset Management L.P.’s holdings in Regal Rexnord were worth $13,202,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Norges Bank bought a new stake in shares of Regal Rexnord during the fourth quarter worth $235,188,000. Victory Capital Management Inc. increased its position in Regal Rexnord by 20.1% in the fourth quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company’s stock worth $337,712,000 after purchasing an additional 363,728 shares during the period. Cartenna Capital LP acquired a new position in Regal Rexnord during the 4th quarter valued at about $55,900,000. Alyeska Investment Group L.P. boosted its stake in shares of Regal Rexnord by 425.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company’s stock valued at $62,060,000 after purchasing an additional 323,904 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Regal Rexnord by 56.8% in the 4th quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company’s stock valued at $106,106,000 after purchasing an additional 247,673 shares during the last quarter. 99.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on RRX. KeyCorp dropped their target price on shares of Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. The Goldman Sachs Group dropped their price objective on Regal Rexnord from $183.00 to $163.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Oppenheimer reduced 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. StockNews.com cut Regal Rexnord from a “buy” rating to a “hold” rating in a research note on Wednesday, April 16th. Finally, Citigroup lifted their price objective on shares of Regal Rexnord from $110.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $170.63.

Regal Rexnord Stock Up 1.9 %

NYSE RRX opened at $132.30 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25. Regal Rexnord Co. has a fifty-two week low of $90.56 and a fifty-two week high of $185.28. The stock has a market capitalization of $8.77 billion, a PE ratio of 44.85, a PEG ratio of 1.37 and a beta of 1.11. The business has a fifty day moving average price of $111.60 and a two-hundred day moving average price of $142.78.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Monday, May 5th. The company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.33. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. Regal Rexnord’s revenue was down 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.00 EPS. Equities analysts expect that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Monday, June 30th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 1.06%. Regal Rexnord’s payout ratio is 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.