M&T Bank Corp Sells 145 Shares of Regal Rexnord Corporation (NYSE:RRX)

M&T Bank Corp decreased its stake in shares of Regal Rexnord Corporation (NYSE:RRX) by 4.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,304 shares of the company’s stock after selling 145 shares during the quarter. M&T Bank Corp’s holdings in Regal Rexnord were worth $376,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RRX. Norges Bank bought a new stake in Regal Rexnord during the 4th quarter valued at $235,188,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in 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 purchasing an additional 42,704 shares in the last quarter. Nuveen Asset Management LLC raised its position in 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 purchasing an additional 399,267 shares in the last quarter. JPMorgan Chase & Co. raised its position in 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 purchasing an additional 247,673 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in Regal Rexnord by 10.1% during the 4th quarter. Clearbridge Investments LLC now owns 617,762 shares of the company’s stock valued at $95,833,000 after purchasing an additional 56,590 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on RRX. Robert W. Baird lifted their target price on Regal Rexnord from $167.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday, May 7th. KeyCorp set a $180.00 target price on Regal Rexnord and gave the company an “overweight” rating in a research report on Thursday, June 26th. Barclays increased their target price on Regal Rexnord from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. The Goldman Sachs Group increased their target price on Regal Rexnord from $173.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. Finally, Wall Street Zen raised Regal Rexnord from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 22nd. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $185.25.

Insider Activity at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of Regal Rexnord 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 completion of the sale, the chief executive officer directly owned 175,954 shares in the company, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.82% of the company’s stock.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $145.97 on Thursday. The business’s fifty day simple moving average is $142.08 and its 200-day simple moving average is $133.74. The company has a market cap of $9.68 billion, a PE ratio of 41.59, a PEG ratio of 1.48 and a beta of 1.17. The company has a current ratio of 2.26, a quick ratio of 1.21 and a debt-to-equity ratio of 0.82. Regal Rexnord Corporation has a 12-month low of $90.56 and a 12-month high of $185.28.

Regal Rexnord (NYSE:RRX) last issued its quarterly 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. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. The business’s quarterly revenue was down 8.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.00 earnings per share. Analysts expect that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 14th. Stockholders of record on Monday, June 30th were paid a dividend of $0.35 per share. The ex-dividend date was Monday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 0.96%. Regal Rexnord’s 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.