Regal Rexnord Co. (NYSE:RRX) Stake Boosted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its stake in Regal Rexnord Co. (NYSE:RRX) by 2.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 474,090 shares of the company’s stock after purchasing an additional 12,338 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.71% of Regal Rexnord worth $78,642,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of RRX. NBC Securities Inc. increased its stake in Regal Rexnord by 18.5% in the 1st quarter. NBC Securities Inc. now owns 1,457 shares of the company’s stock worth $262,000 after purchasing an additional 227 shares in the last quarter. GAMMA Investing LLC increased its stake in Regal Rexnord by 44.9% in the 1st quarter. GAMMA Investing LLC now owns 568 shares of the company’s stock worth $102,000 after purchasing an additional 176 shares in the last quarter. Riverview Trust Co purchased a new position in Regal Rexnord during the 1st quarter valued at about $75,000. Wealth Enhancement Advisory Services LLC grew its stake in Regal Rexnord by 3.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,282 shares of the company’s stock valued at $591,000 after acquiring an additional 102 shares in the last quarter. Finally, Artemis Investment Management LLP purchased a new position in Regal Rexnord during the 1st quarter valued at about $19,508,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RRX shares. Raymond James started coverage on Regal Rexnord in a research note on Friday, June 28th. They set a “market perform” rating on the stock. KeyCorp lowered their target price on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. The Goldman Sachs Group lifted their target price on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Robert W. Baird lifted their target price on Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Loop Capital reaffirmed a “buy” rating and set a $200.00 target price on shares of Regal Rexnord in a research note on Thursday, September 19th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $193.63.

Regal Rexnord Stock Up 0.3 %

Shares of Regal Rexnord stock opened at $177.08 on Monday. The firm has a market cap of $11.78 billion, a price-to-earnings ratio of -368.92, a P/E/G ratio of 1.87 and a beta of 1.04. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38. Regal Rexnord Co. has a 52-week low of $97.18 and a 52-week high of $183.85. The stock has a 50-day simple moving average of $162.96 and a 200-day simple moving average of $155.90.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.15. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The company’s revenue for the quarter was down 12.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.56 EPS. On average, equities research analysts expect that Regal Rexnord Co. will post 9.48 earnings per share for the current fiscal year.

Regal Rexnord Company 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.