LPL Financial LLC Reduces Stock Position in Regal Rexnord Corporation (NYSE:RRX)

LPL Financial LLC cut its stake in Regal Rexnord Corporation (NYSE:RRX) by 11.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,321 shares of the company’s stock after selling 3,686 shares during the period. LPL Financial LLC’s holdings in Regal Rexnord were worth $3,224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Bernard Wealth Management Corp. purchased a new position in Regal Rexnord in the fourth quarter worth approximately $31,000. Golden State Wealth Management LLC grew its position in Regal Rexnord by 106.2% in the first quarter. Golden State Wealth Management LLC now owns 268 shares of the company’s stock worth $31,000 after acquiring an additional 138 shares during the period. Signaturefd LLC grew its position in Regal Rexnord by 25.5% in the first quarter. Signaturefd LLC now owns 911 shares of the company’s stock worth $104,000 after acquiring an additional 185 shares during the period. CWM LLC grew its position in Regal Rexnord by 18.1% in the first quarter. CWM LLC now owns 1,011 shares of the company’s stock worth $115,000 after acquiring an additional 155 shares during the period. Finally, Two Sigma Securities LLC purchased a new position in Regal Rexnord in the fourth quarter worth approximately $211,000. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on RRX shares. KeyCorp set a $180.00 price objective on Regal Rexnord and gave the stock an “overweight” rating in a research report on Thursday, June 26th. Citigroup reiterated a “buy” rating and issued a $165.00 price objective (up from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Wall Street Zen lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Robert W. Baird increased their price objective on Regal Rexnord from $167.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 7th. Finally, The Goldman Sachs Group upped their price target on Regal Rexnord from $173.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, July 8th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Regal Rexnord currently has a consensus rating of “Buy” and a consensus target price of $185.25.

Regal Rexnord Stock Down 1.7%

NYSE:RRX opened at $145.74 on Friday. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 0.72. The stock’s fifty day moving average is $147.25 and its two-hundred day moving average is $132.32. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $185.28. The stock has a market capitalization of $9.67 billion, a price-to-earnings ratio of 38.76, a price-to-earnings-growth ratio of 1.47 and a beta of 1.18.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Tuesday, August 5th. The company reported $2.48 EPS for the quarter, topping analysts’ consensus estimates of $2.42 by $0.06. The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. The firm’s revenue was down 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.29 earnings per share. Research analysts anticipate that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 30th. Regal Rexnord’s dividend payout ratio (DPR) is presently 37.23%.

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.