State of Wyoming Raises Position in Regal Rexnord Co. (NYSE:RRX)

State of Wyoming lifted its position in shares of Regal Rexnord Co. (NYSE:RRX) by 27.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,608 shares of the company’s stock after buying an additional 773 shares during the period. State of Wyoming’s holdings in Regal Rexnord were worth $560,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Regal Rexnord in the 4th quarter valued at $235,188,000. Nuveen Asset Management LLC increased its holdings in Regal Rexnord by 79.8% in the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company’s stock valued at $139,569,000 after purchasing an additional 399,267 shares in the last quarter. Victory Capital Management Inc. boosted its position in Regal Rexnord by 20.1% in the 4th quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company’s stock valued at $337,712,000 after buying an additional 363,728 shares during the last quarter. Cartenna Capital LP purchased a new position in Regal Rexnord in the 4th quarter valued at about $55,900,000. Finally, Alyeska Investment Group L.P. boosted its position in Regal Rexnord by 425.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company’s stock valued at $62,060,000 after buying an additional 323,904 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $140.33, for a total value of $1,486,515.69. Following the sale, the chief executive officer now owns 175,954 shares in the company, valued at approximately $24,691,624.82. This trade represents a 5.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

RRX has been the subject of a number of analyst reports. StockNews.com cut shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Wednesday, April 16th. Citigroup upped their price objective on shares of Regal Rexnord from $110.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Barclays upped their price objective on shares of Regal Rexnord from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Oppenheimer decreased their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Finally, The Goldman Sachs Group decreased their price objective on shares of Regal Rexnord from $183.00 to $163.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Regal Rexnord currently has a consensus rating of “Moderate Buy” and a consensus price target of $171.25.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $141.52 on Monday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. Regal Rexnord Co. has a one year low of $90.56 and a one year high of $185.28. The company’s 50-day simple moving average is $114.03 and its 200-day simple moving average is $141.28. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 47.97, a PEG ratio of 1.37 and a beta of 1.11.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.33. Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the company posted $2.00 earnings per share. Regal Rexnord’s revenue was down 8.4% on a year-over-year basis. Equities analysts anticipate that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be issued a $0.35 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 0.99%. Regal Rexnord’s dividend payout ratio is currently 39.89%.

Regal Rexnord 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.