Brandywine Global Investment Management LLC Takes $1.77 Million Position in Regal Rexnord Co. (NYSE:RRX)

Brandywine Global Investment Management LLC purchased a new position in shares of Regal Rexnord Co. (NYSE:RRX) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 12,552 shares of the company’s stock, valued at approximately $1,766,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. bought a new position in shares of Regal Rexnord during the first quarter worth approximately $978,777,000. Capital World Investors acquired a new position in Regal Rexnord in the 1st quarter valued at $793,975,000. State Street Corp bought a new stake in shares of Regal Rexnord during the 1st quarter valued at $266,837,000. Diamond Hill Capital Management Inc. grew its holdings in shares of Regal Rexnord by 168.4% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 1,848,402 shares of the company’s stock worth $260,126,000 after purchasing an additional 1,159,687 shares in the last quarter. Finally, FMR LLC increased its position in shares of Regal Rexnord by 15.1% in the first quarter. FMR LLC now owns 8,674,826 shares of the company’s stock worth $1,220,808,000 after purchasing an additional 1,140,696 shares during the period. Institutional investors and hedge funds own 96.67% of the company’s stock.

Insider Activity

In other Regal Rexnord news, VP John Avampato sold 8,427 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $151.83, for a total transaction of $1,279,471.41. Following the sale, the vice president now directly owns 12,953 shares of the company’s stock, valued at approximately $1,966,653.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.98% of the stock is currently owned by insiders.

Analyst Ratings Changes

RRX has been the topic of a number of analyst reports. Oppenheimer increased their price objective on shares of Regal Rexnord from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Robert W. Baird increased their price target on shares of Regal Rexnord from $184.00 to $211.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 2nd. Finally, StockNews.com started coverage on shares of Regal Rexnord in a research report on Friday, August 18th. They set a “hold” rating for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $195.00.

Regal Rexnord Stock Down 1.3 %

RRX stock opened at $151.34 on Monday. The firm has a 50-day moving average price of $155.53 and a 200-day moving average price of $145.06. Regal Rexnord Co. has a 12 month low of $111.84 and a 12 month high of $166.00. The company has a current ratio of 2.52, a quick ratio of 1.37 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $10.04 billion, a P/E ratio of 40.68, a price-to-earnings-growth ratio of 1.47 and a beta of 1.08.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Monday, July 31st. The company reported $2.56 EPS for the quarter, beating the consensus estimate of $2.44 by $0.12. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. Regal Rexnord had a net margin of 4.45% and a return on equity of 10.53%. The firm’s revenue was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.76 EPS. As a group, equities research analysts anticipate that Regal Rexnord Co. will post 10.41 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Thursday, September 28th. Regal Rexnord’s dividend payout ratio (DPR) is currently 37.63%.

About Regal Rexnord

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. It operates in four segments: Commercial Systems, Industrial Systems, Climate Solutions, and Motion Control Solutions.