Ritholtz Wealth Management Purchases New Stake in Regal Rexnord Corporation $RRX

Ritholtz Wealth Management purchased a new stake in shares of Regal Rexnord Corporation (NYSE:RRX) in the first quarter, Holdings Channel reports. The firm purchased 2,934 shares of the company’s stock, valued at approximately $549,000.

Other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in shares of Regal Rexnord by 42.6% during the fourth quarter. Victory Capital Management Inc. now owns 5,658,365 shares of the company’s stock valued at $793,983,000 after buying an additional 1,690,264 shares during the last quarter. Viking Global Investors LP raised its holdings in shares of Regal Rexnord by 25.7% in the 2nd quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock worth $497,231,000 after acquiring an additional 701,145 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Regal Rexnord by 5.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,530,092 shares of the company’s stock valued at $355,031,000 after acquiring an additional 131,171 shares in the last quarter. Invesco Ltd. lifted its position in Regal Rexnord by 27.1% in the 4th quarter. Invesco Ltd. now owns 1,905,828 shares of the company’s stock valued at $267,426,000 after acquiring an additional 405,828 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Regal Rexnord by 7.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,251,095 shares of the company’s stock valued at $175,554,000 after purchasing an additional 85,242 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Regal Rexnord stock opened at $238.12 on Wednesday. Regal Rexnord Corporation has a 52 week low of $127.96 and a 52 week high of $239.00. The company’s 50 day moving average price is $211.57 and its two-hundred day moving average price is $191.34. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. The stock has a market cap of $15.85 billion, a P/E ratio of 55.38, a P/E/G ratio of 2.07 and a beta of 1.11.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.15 EPS. On average, equities analysts predict that Regal Rexnord Corporation will post 10.64 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 annualized dividend and a yield of 0.6%. Regal Rexnord’s payout ratio is currently 32.56%.

Analysts Set New Price Targets

A number of brokerages have commented on RRX. Citigroup boosted their price objective on Regal Rexnord from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, April 13th. KeyCorp lifted their target price on Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a report on Tuesday, April 21st. Barclays upped their price target on Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, March 23rd. Finally, UBS Group set a $260.00 price objective on Regal Rexnord in a research note on Monday, June 15th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus target price of $237.80.

Insider Buying and Selling at Regal Rexnord

In other news, CFO Robert Rehard sold 6,499 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the completion of the sale, the chief financial officer directly owned 27,965 shares of the company’s stock, valued at $5,593,000. This trade represents a 18.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robin A. Walker-Lee sold 1,297 shares of Regal Rexnord stock in a transaction on Monday, May 11th. The stock was sold at an average price of $213.85, for a total value of $277,363.45. Following the sale, the director owned 5,503 shares in the company, valued at $1,176,816.55. The trade was a 19.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 30,305 shares of company stock worth $6,341,869 in the last quarter. 0.63% of the stock is currently owned by company insiders.

Regal Rexnord Company Profile

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.