Castleark Management LLC Invests $6.45 Million in Regal Rexnord Co. (NYSE:RRX)

Castleark Management LLC bought a new stake in Regal Rexnord Co. (NYSE:RRX) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 41,570 shares of the company’s stock, valued at approximately $6,449,000. Castleark Management LLC owned about 0.06% of Regal Rexnord as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ raised its stake in Regal Rexnord by 472.4% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company’s stock valued at $25,000 after buying an additional 137 shares during the period. Bernard Wealth Management Corp. bought a new stake in Regal Rexnord in the 4th quarter valued at $30,000. Aster Capital Management DIFC Ltd bought a new stake in Regal Rexnord in the 4th quarter valued at $33,000. Tobam acquired a new stake in Regal Rexnord during the 4th quarter valued at $45,000. Finally, Jones Financial Companies Lllp boosted its position in Regal Rexnord by 90.5% during the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company’s stock worth $50,000 after purchasing an additional 153 shares during the period. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Stock Performance

NYSE:RRX opened at $140.65 on Wednesday. The company has a market cap of $9.33 billion, a price-to-earnings ratio of 47.68, a PEG ratio of 1.37 and a beta of 1.11. Regal Rexnord Co. has a fifty-two week low of $90.56 and a fifty-two week high of $185.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. The stock has a fifty day moving average price of $115.00 and a 200-day moving average price of $141.08.

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

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.40 annualized dividend and a yield of 1.00%. Regal Rexnord’s dividend payout ratio is currently 39.89%.

Insider Buying and Selling at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the firm’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $140.33, for a total value of $1,486,515.69. Following the sale, the chief executive officer now owns 175,954 shares of the company’s stock, valued at approximately $24,691,624.82. This trade represents a 5.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on RRX shares. Robert W. Baird raised their target price on shares of Regal Rexnord from $167.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 7th. StockNews.com downgraded shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Wednesday, April 16th. Barclays upped their target price on Regal Rexnord from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Citigroup increased their target price on Regal Rexnord from $110.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Finally, The Goldman Sachs Group dropped their price target on Regal Rexnord from $183.00 to $163.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Regal Rexnord has a consensus rating of “Moderate Buy” and a consensus target price of $171.25.

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.