California Public Employees Retirement System Cuts Holdings in Regal Rexnord Co. (NYSE:RRX)

California Public Employees Retirement System lowered its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 2.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 122,067 shares of the company’s stock after selling 2,812 shares during the period. California Public Employees Retirement System’s holdings in Regal Rexnord were worth $18,068,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its position in Regal Rexnord by 80.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock worth $75,382,000 after buying an additional 226,435 shares during the last quarter. WCM Investment Management LLC lifted its holdings in shares of Regal Rexnord by 56.8% in the 4th quarter. WCM Investment Management LLC now owns 144,139 shares of the company’s stock worth $21,549,000 after acquiring an additional 52,214 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Regal Rexnord by 13.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 354,484 shares of the company’s stock valued at $50,649,000 after purchasing an additional 42,110 shares in the last quarter. O Shaughnessy Asset Management LLC grew its holdings in shares of Regal Rexnord by 7.1% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 3,834 shares of the company’s stock valued at $548,000 after purchasing an additional 253 shares during the last quarter. Finally, UBS Group AG raised its position in Regal Rexnord by 58.8% in the 3rd quarter. UBS Group AG now owns 90,990 shares of the company’s stock worth $13,001,000 after purchasing an additional 33,689 shares during the period. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Stock Up 1.3 %

Regal Rexnord stock opened at $166.26 on Tuesday. The firm has a 50-day moving average of $170.03 and a 200-day moving average of $145.14. The company has a current ratio of 2.55, a quick ratio of 1.59 and a debt-to-equity ratio of 1.00. Regal Rexnord Co. has a 1-year low of $97.18 and a 1-year high of $183.85.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Wednesday, February 7th. The company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.02. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. The business’s quarterly revenue was up 29.2% compared to the same quarter last year. During the same period last year, the company earned $2.64 EPS. On average, equities analysts expect that Regal Rexnord Co. will post 10.05 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.40 annualized dividend and a yield of 0.84%. Regal Rexnord’s dividend payout ratio (DPR) is presently -160.92%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Oppenheimer upped their price target on shares of Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, March 13th. Barclays increased their target price on Regal Rexnord from $200.00 to $203.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. Finally, KeyCorp lifted their price target on Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $197.00.

Insider Transactions at Regal Rexnord

In related news, EVP Thomas E. Valentyn sold 647 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total value of $109,795.90. Following the completion of the transaction, the executive vice president now directly owns 28,412 shares of the company’s stock, valued at $4,821,516.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Jerrald R. Morton sold 2,992 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $154.34, for a total value of $461,785.28. Following the sale, the executive vice president now directly owns 15,884 shares of the company’s stock, valued at approximately $2,451,536.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas E. Valentyn sold 647 shares of Regal Rexnord stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total transaction of $109,795.90. Following the transaction, the executive vice president now directly owns 28,412 shares of the company’s stock, valued at $4,821,516.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,570 shares of company stock valued at $892,301. Company insiders own 0.82% of the company’s stock.

Regal Rexnord Company 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.