Ritholtz Wealth Management Purchases 363 Shares of Regal Rexnord Corporation (NYSE:RRX)

Ritholtz Wealth Management boosted its position in Regal Rexnord Corporation (NYSE:RRX) by 22.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,979 shares of the company’s stock after purchasing an additional 363 shares during the period. Ritholtz Wealth Management’s holdings in Regal Rexnord were worth $225,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. grew 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 worth $337,712,000 after purchasing an additional 363,728 shares in the last quarter. Norges Bank bought a new position in shares of Regal Rexnord during the 4th quarter valued at approximately $235,188,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Regal Rexnord by 3.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,332,621 shares of the company’s stock valued at $206,729,000 after acquiring an additional 42,704 shares during the period. Nuveen Asset Management LLC grew its position in shares of Regal Rexnord by 79.8% during the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company’s stock valued at $139,569,000 after acquiring an additional 399,267 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Regal Rexnord by 56.8% during the 4th quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company’s stock valued at $106,106,000 after acquiring an additional 247,673 shares during the period. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Stock Performance

NYSE RRX opened at $139.65 on Friday. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $185.28. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.26 and a quick ratio of 1.21. The stock has a market capitalization of $9.26 billion, a PE ratio of 39.79, a P/E/G ratio of 1.43 and a beta of 1.16. The company’s 50 day simple moving average is $127.02 and its two-hundred day simple moving average is $135.70.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.33. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Regal Rexnord had a net margin of 3.96% and a return on equity of 9.67%. The business’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.00 EPS. Analysts predict that Regal Rexnord Corporation will post 9.95 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 Monday, July 14th. Stockholders of record on Monday, June 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend is Monday, June 30th. Regal Rexnord’s dividend payout ratio (DPR) is currently 39.89%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RRX. Barclays increased their target price 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. Wall Street Zen raised shares of Regal Rexnord from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 22nd. Citigroup increased their target price 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. KeyCorp cut their price objective on shares of Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, Robert W. Baird raised their price objective on shares of Regal Rexnord from $167.00 to $172.00 and gave the stock an “outperform” rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $171.25.

Insider Activity

In other news, CEO Louis V. Pinkham sold 10,593 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $140.33, for a total transaction 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate 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.