Jennison Associates LLC raised its holdings in Regal Rexnord Co. (NYSE:RRX - Free Report) by 4.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 131,255 shares of the company's stock after purchasing an additional 5,942 shares during the period. Jennison Associates LLC owned approximately 0.20% of Regal Rexnord worth $21,773,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Headlands Technologies LLC bought a new stake in shares of Regal Rexnord in the second quarter valued at approximately $46,000. 1620 Investment Advisors Inc. bought a new stake in shares of Regal Rexnord during the 2nd quarter valued at $52,000. UMB Bank n.a. grew its holdings in shares of Regal Rexnord by 72.5% during the 3rd quarter. UMB Bank n.a. now owns 345 shares of the company's stock worth $57,000 after purchasing an additional 145 shares in the last quarter. EntryPoint Capital LLC bought a new position in shares of Regal Rexnord in the first quarter worth $68,000. Finally, GAMMA Investing LLC raised its stake in Regal Rexnord by 13.9% in the second quarter. GAMMA Investing LLC now owns 647 shares of the company's stock valued at $87,000 after purchasing an additional 79 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.
A number of equities research analysts have issued reports on RRX shares. Robert W. Baird reduced their price objective on shares of Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 6th. Loop Capital reiterated a "buy" rating and set a $200.00 price target on shares of Regal Rexnord in a research report on Thursday, September 19th. Barclays boosted their price objective on shares of Regal Rexnord from $180.00 to $190.00 and gave the company an "overweight" rating in a research report on Wednesday, October 2nd. Citigroup began coverage on Regal Rexnord in a report on Monday, October 14th. They issued a "buy" rating and a $200.00 target price on the stock. Finally, StockNews.com raised Regal Rexnord from a "hold" rating to a "buy" rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $193.00.
Read Our Latest Research Report on RRX
NYSE:RRX opened at $177.53 on Friday. The stock's 50-day moving average is $169.65 and its 200-day moving average is $157.15. Regal Rexnord Co. has a 1-year low of $113.79 and a 1-year high of $185.28. The company has a current ratio of 2.45, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87. The stock has a market cap of $11.76 billion, a P/E ratio of 54.81, a price-to-earnings-growth ratio of 1.86 and a beta of 1.04.
Regal Rexnord (NYSE:RRX - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, topping analysts' consensus estimates of $2.48 by $0.01. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The company's revenue for the quarter was down 10.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.10 EPS. Equities research analysts anticipate that Regal Rexnord Co. will post 9.25 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.79%. The ex-dividend date of this dividend is Tuesday, December 31st. Regal Rexnord's payout ratio is presently 44.16%.
In other news, CEO Louis V. Pinkham sold 8,774 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $180.03, for a total value of $1,579,583.22. Following the transaction, the chief executive officer now owns 149,618 shares in the company, valued at approximately $26,935,728.54. The trade was a 5.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.82% of the company's stock.
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.
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