Mizuho Markets Cayman LP Trims Stock Position in Regal Rexnord Corporation $RRX

Mizuho Markets Cayman LP trimmed its stake in Regal Rexnord Corporation (NYSE:RRX) by 81.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,219 shares of the company’s stock after selling 50,072 shares during the period. Mizuho Markets Cayman LP’s holdings in Regal Rexnord were worth $2,101,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Covestor Ltd boosted its stake in Regal Rexnord by 81.6% in the fourth quarter. Covestor Ltd now owns 178 shares of the company’s stock valued at $25,000 after acquiring an additional 80 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Regal Rexnord by 135.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock valued at $25,000 after purchasing an additional 127 shares during the period. Garner Asset Management Corp purchased a new position in Regal Rexnord during the 4th quarter worth approximately $27,000. IFP Advisors Inc increased its position in Regal Rexnord by 34.0% during the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock worth $27,000 after buying an additional 49 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in Regal Rexnord in the third quarter valued at approximately $35,000. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Price Performance

Shares of NYSE RRX opened at $215.02 on Thursday. The stock has a fifty day moving average price of $211.89 and a 200 day moving average price of $199.13. Regal Rexnord Corporation has a 1-year low of $127.96 and a 1-year high of $247.80. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.17 and a quick ratio of 1.08. The company has a market cap of $14.31 billion, a PE ratio of 50.01, a P/E/G ratio of 2.00 and a beta of 1.08.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.06. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. Regal Rexnord’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.15 EPS. Sell-side analysts forecast that Regal Rexnord Corporation will post 10.64 EPS for the current year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 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 0.7%. The ex-dividend date is Wednesday, September 30th. Regal Rexnord’s payout ratio is 32.56%.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction dated Monday, May 11th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robin A. Walker-Lee sold 1,297 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $213.85, for a total transaction of $277,363.45. Following the completion of the sale, the director owned 5,503 shares of the company’s stock, valued at approximately $1,176,816.55. The trade was a 19.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 30,305 shares of company stock valued at $6,341,869 over the last ninety days. Corporate insiders own 0.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on RRX shares. Wall Street Zen cut shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of Regal Rexnord in a research note on Monday. They issued a “buy” rating and a $286.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a report on Friday, July 17th. Finally, UBS Group set a $260.00 price target on Regal Rexnord in a research report on Monday, June 15th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $247.00.

About Regal Rexnord

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.