Millennium Management LLC Buys 183,272 Shares of Regal Rexnord Co. (NYSE:RRX)

Millennium Management LLC increased its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 313.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 241,712 shares of the company’s stock after purchasing an additional 183,272 shares during the quarter. Millennium Management LLC’s holdings in Regal Rexnord were worth $37,497,000 at the end of the most recent quarter.

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

Regal Rexnord Price Performance

Shares of RRX stock opened at $141.52 on Friday. Regal Rexnord Co. has a twelve month low of $90.56 and a twelve month high of $185.28. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 47.97, a P/E/G ratio of 1.37 and a beta of 1.11. The stock has a fifty day simple moving average of $114.03 and a two-hundred day simple moving average of $141.45. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87.

Regal Rexnord (NYSE:RRX) last issued its earnings results 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 return on equity of 9.57% and a net margin of 3.25%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the business earned $2.00 EPS. The business’s revenue for the quarter was down 8.4% compared to the same quarter last year. On average, analysts predict that Regal Rexnord Co. will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 14th. Investors of record on Monday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend is Monday, June 30th. Regal Rexnord’s dividend payout ratio (DPR) is currently 39.89%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RRX shares. Oppenheimer dropped their price objective on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Robert W. Baird boosted 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. Barclays boosted their price objective on Regal Rexnord from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, May 12th. StockNews.com cut Regal Rexnord from a “buy” rating to a “hold” rating in a report on Wednesday, April 16th. Finally, KeyCorp lowered their target price on Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Regal Rexnord currently has a consensus rating of “Moderate Buy” and an average price target of $171.25.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 10,593 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the completion of the sale, the chief executive officer now directly owns 175,954 shares in the company, valued at $24,691,624.82. This represents a 5.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.82% of the stock is currently owned by company insiders.

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.