Institute for Wealth Management LLC. Takes $376,000 Position in Regal Rexnord Corporation (NYSE:RRX)

Institute for Wealth Management LLC. purchased a new stake in Regal Rexnord Corporation (NYSE:RRX) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 3,304 shares of the company’s stock, valued at approximately $376,000.

A number of other institutional investors have also recently added to or reduced their stakes in RRX. Skandinaviska Enskilda Banken AB publ grew its holdings in Regal Rexnord by 472.4% in the 4th 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 in the last quarter. Bernard Wealth Management Corp. acquired a new position in shares of Regal Rexnord during the 4th quarter valued at about $30,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Regal Rexnord during the 4th quarter valued at about $33,000. Jones Financial Companies Lllp grew its holdings in shares of Regal Rexnord by 90.5% in the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company’s stock valued at $50,000 after purchasing an additional 153 shares during the period. Finally, Smartleaf Asset Management LLC increased its position in Regal Rexnord by 45.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 337 shares of the company’s stock worth $52,000 after purchasing an additional 105 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RRX. The Goldman Sachs Group decreased their target price on shares of Regal Rexnord from $183.00 to $163.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Robert W. Baird upped their price objective on Regal Rexnord from $167.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, May 7th. KeyCorp cut their target price on Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Citigroup upped their price target on Regal Rexnord from $110.00 to $145.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Finally, Wall Street Zen upgraded Regal Rexnord from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $171.25.

Insiders Place Their Bets

In related news, CEO Louis V. Pinkham sold 10,593 shares of Regal Rexnord stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $140.33, for a total value of $1,486,515.69. Following the completion of the transaction, the chief executive officer now owns 175,954 shares in the company, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.82% of the company’s stock.

Regal Rexnord Stock Up 0.5%

Shares of NYSE RRX opened at $139.73 on Friday. The company has a quick ratio of 1.21, a current ratio of 2.26 and a debt-to-equity ratio of 0.82. The business’s 50 day moving average is $126.21 and its two-hundred day moving average is $135.94. Regal Rexnord Corporation has a 52-week low of $90.56 and a 52-week high of $185.28. The firm has a market cap of $9.27 billion, a price-to-earnings ratio of 39.81, a PEG ratio of 1.43 and a beta of 1.16.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.33. The business 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 9.67% and a net margin of 3.96%. The company’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.00 earnings per share. Research analysts predict that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Monday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 1.00%. Regal Rexnord’s dividend payout ratio (DPR) is presently 39.89%.

Regal Rexnord 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.