State of Alaska Department of Revenue Has $1.08 Million Stake in Regal Rexnord Corporation $RRX

State of Alaska Department of Revenue lessened its position in Regal Rexnord Corporation (NYSE:RRX) by 3.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,454 shares of the company’s stock after selling 300 shares during the period. State of Alaska Department of Revenue’s holdings in Regal Rexnord were worth $1,080,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Diamond Hill Capital Management Inc. grew its holdings in shares of Regal Rexnord by 6.0% during the first quarter. Diamond Hill Capital Management Inc. now owns 3,083,622 shares of the company’s stock worth $351,070,000 after purchasing an additional 175,273 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Regal Rexnord by 4.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,882,369 shares of the company’s stock worth $328,158,000 after acquiring an additional 115,564 shares during the last quarter. Victory Capital Management Inc. increased its position in Regal Rexnord by 11.9% in the 1st quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company’s stock valued at $277,435,000 after acquiring an additional 259,885 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Regal Rexnord by 30.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company’s stock valued at $194,955,000 after acquiring an additional 396,737 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Regal Rexnord by 6.1% during the first quarter. The Manufacturers Life Insurance Company now owns 1,200,555 shares of the company’s stock worth $136,683,000 after purchasing an additional 69,438 shares during the period. 99.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RRX shares. Barclays decreased their price objective on Regal Rexnord from $163.00 to $161.00 and set an “overweight” rating for the company in a report on Tuesday, September 16th. The Goldman Sachs Group lowered their price objective on Regal Rexnord from $192.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, September 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Regal Rexnord in a research note on Saturday, September 27th. Wall Street Zen downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Sunday, September 21st. Finally, KeyCorp set a $180.00 price target on shares of Regal Rexnord and gave the stock an “overweight” rating in a research report on Thursday, June 26th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $181.63.

Regal Rexnord Trading Up 3.1%

RRX opened at $148.10 on Monday. The company has a fifty day moving average price of $146.19 and a two-hundred day moving average price of $135.45. Regal Rexnord Corporation has a 1-year low of $90.56 and a 1-year high of $185.28. The company has a market cap of $9.83 billion, a P/E ratio of 39.39, a price-to-earnings-growth ratio of 1.49 and a beta of 1.16. The company has a current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Tuesday, August 5th. The company reported $2.48 EPS for the quarter, beating the consensus estimate of $2.42 by $0.06. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%.The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the business posted $2.29 EPS. The firm’s revenue for the quarter was down 3.3% compared to the same quarter last year. Regal Rexnord has set its FY 2025 guidance at 9.700-10.300 EPS. Analysts predict that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, September 30th. Regal Rexnord’s dividend payout ratio is currently 37.23%.

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.