Regal Rexnord Corporation $RRX Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in Regal Rexnord Corporation (NYSE:RRX) by 24.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 501,723 shares of the company’s stock after selling 159,429 shares during the period. Principal Financial Group Inc. owned about 0.76% of Regal Rexnord worth $71,967,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Geneos Wealth Management Inc. grew its position in shares of Regal Rexnord by 135.1% in the first 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. Allworth Financial LP raised its holdings in shares of Regal Rexnord by 85.7% during the second quarter. Allworth Financial LP now owns 195 shares of the company’s stock valued at $28,000 after acquiring an additional 90 shares during the last quarter. Root Financial Partners LLC purchased a new position in shares of Regal Rexnord in the third quarter valued at approximately $28,000. SJS Investment Consulting Inc. boosted its stake in shares of Regal Rexnord by 95.1% in the third quarter. SJS Investment Consulting Inc. now owns 199 shares of the company’s stock worth $29,000 after acquiring an additional 97 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in Regal Rexnord by 216.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 272 shares of the company’s stock valued at $39,000 after purchasing an additional 186 shares during the last quarter. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RRX. JPMorgan Chase & Co. reduced their target price on shares of Regal Rexnord from $200.00 to $190.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Citigroup upped their price target on Regal Rexnord from $175.00 to $180.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Robert W. Baird set a $212.00 price target on Regal Rexnord in a report on Friday, October 31st. KeyCorp boosted their price objective on Regal Rexnord from $170.00 to $175.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a report on Thursday, January 22nd. Seven equities research 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $180.25.

Insider Buying and Selling

In other news, CEO Louis V. Pinkham sold 35,935 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $146.20, for a total transaction of $5,253,697.00. Following the sale, the chief executive officer owned 103,262 shares of the company’s stock, valued at approximately $15,096,904.40. This represents a 25.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.82% of the stock is owned by corporate insiders.

Regal Rexnord Stock Up 0.7%

NYSE:RRX opened at $171.38 on Wednesday. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $176.52. The stock’s fifty day moving average is $150.20 and its two-hundred day moving average is $146.35. The stock has a market capitalization of $11.38 billion, a price-to-earnings ratio of 44.28, a price-to-earnings-growth ratio of 1.58 and a beta of 1.13. The company has a quick ratio of 0.97, a current ratio of 2.05 and a debt-to-equity ratio of 0.71.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Regal Rexnord’s dividend payout ratio is 36.18%.

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.