Hsbc Holdings PLC Decreases Stock Holdings in Regal Rexnord Corporation $RRX

Hsbc Holdings PLC decreased its stake in shares of Regal Rexnord Corporation (NYSE:RRX) by 32.3% during the fourth quarter, Holdings Channel reports. The firm owned 28,173 shares of the company’s stock after selling 13,438 shares during the quarter. Hsbc Holdings PLC’s holdings in Regal Rexnord were worth $3,964,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. lifted its holdings in shares of Regal Rexnord by 135.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock valued at $25,000 after buying an additional 127 shares during the period. Covestor Ltd increased its position in Regal Rexnord by 81.6% during the fourth quarter. Covestor Ltd now owns 178 shares of the company’s stock valued at $25,000 after acquiring an additional 80 shares during the last quarter. Garner Asset Management Corp purchased a new stake in Regal Rexnord during the fourth quarter valued at $27,000. IFP Advisors Inc lifted its holdings in Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock valued at $27,000 after acquiring an additional 49 shares during the period. Finally, Advisory Services Network LLC bought a new position in Regal Rexnord in the third quarter valued at about $35,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Wall Street Analyst Weigh In

RRX has been the subject of a number of recent research reports. UBS Group set a $260.00 price target on Regal Rexnord in a research note on Monday, June 15th. DA Davidson began coverage on shares of Regal Rexnord in a research note on Tuesday, June 16th. They issued a “buy” rating and a $260.00 price objective on the stock. Wall Street Zen raised shares of Regal Rexnord from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Wolfe Research set a $250.00 target price on shares of Regal Rexnord in a research report on Thursday. Finally, KeyCorp upped their target price on shares of Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $238.91.

Regal Rexnord Trading Down 0.2%

Shares of NYSE:RRX opened at $207.96 on Friday. The stock has a 50 day moving average of $212.26 and a 200 day moving average of $194.82. The company has a market cap of $13.84 billion, a PE ratio of 48.36, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. The company has a current ratio of 2.17, a quick ratio of 1.08 and a debt-to-equity ratio of 0.69. Regal Rexnord Corporation has a 12-month low of $127.96 and a 12-month high of $247.80.

Regal Rexnord (NYSE:RRX) last released its earnings results on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.06. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the firm posted $2.15 EPS. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts expect that Regal Rexnord Corporation will post 10.64 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. Regal Rexnord’s dividend payout ratio is 32.56%.

Insider Transactions at Regal Rexnord

In related news, Director Robin A. Walker-Lee sold 1,297 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $213.85, for a total value of $277,363.45. Following the completion of the transaction, the director owned 5,503 shares of the company’s stock, valued at approximately $1,176,816.55. This represents a 19.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Louis V. Pinkham sold 22,509 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the completion of the transaction, the chief executive officer directly owned 56,749 shares of the company’s stock, valued at $12,012,628.32. This represents a 28.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,305 shares of company stock valued at $6,341,869 over the last three months. Corporate insiders own 0.63% of the company’s stock.

Regal Rexnord Profile

Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company’s operations are organized into multiple business segments that address distinct customer needs.