Envestnet Asset Management Inc. Acquires 40,930 Shares of Regal Rexnord Corporation $RRX

Envestnet Asset Management Inc. grew its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 53.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 117,065 shares of the company’s stock after acquiring an additional 40,930 shares during the period. Envestnet Asset Management Inc. owned about 0.18% of Regal Rexnord worth $16,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Jones Financial Companies Lllp increased its stake in Regal Rexnord by 39.3% in the 3rd quarter. Jones Financial Companies Lllp now owns 762 shares of the company’s stock worth $110,000 after buying an additional 215 shares in the last quarter. State of Wyoming grew its position in shares of Regal Rexnord by 251.8% during the third quarter. State of Wyoming now owns 802 shares of the company’s stock worth $115,000 after purchasing an additional 574 shares in the last quarter. Mediolanum International Funds Ltd bought a new stake in Regal Rexnord during the 3rd quarter valued at approximately $7,685,000. UMB Bank n.a. lifted its holdings in Regal Rexnord by 8.9% in the 3rd quarter. UMB Bank n.a. now owns 963 shares of the company’s stock worth $138,000 after purchasing an additional 79 shares in the last quarter. Finally, AlphaQuest LLC boosted its stake in Regal Rexnord by 169.8% in the 3rd quarter. AlphaQuest LLC now owns 8,998 shares of the company’s stock worth $1,291,000 after purchasing an additional 5,663 shares during the period. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Regal Rexnord Stock Performance

Shares of NYSE:RRX opened at $220.42 on Monday. The firm has a 50 day moving average of $160.97 and a 200 day moving average of $149.55. The company has a quick ratio of 1.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $14.63 billion, a price-to-earnings ratio of 52.48, a price-to-earnings-growth ratio of 2.05 and a beta of 1.13. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $229.30.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings data on Thursday, February 5th. The company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Regal Rexnord had a return on equity of 9.60% and a net margin of 4.71%.The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the firm earned $2.34 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts predict that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 31st will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.6%. Regal Rexnord’s dividend payout ratio is presently 33.33%.

Insiders Place Their Bets

In other Regal Rexnord news, EVP Cheryl Lewis sold 2,262 shares of the company’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $215.73, for a total transaction of $487,981.26. Following the sale, the executive vice president owned 13,219 shares in the company, valued at $2,851,734.87. This represents a 14.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Louis V. Pinkham sold 36,728 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $215.52, for a total value of $7,915,618.56. Following the sale, the chief executive officer owned 83,337 shares of the company’s stock, valued at approximately $17,960,790.24. The trade was a 30.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 87,129 shares of company stock worth $16,136,908. 0.82% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on RRX. Zacks Research raised shares of Regal Rexnord from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 30th. JPMorgan Chase & Co. increased their price target on Regal Rexnord from $190.00 to $230.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Barclays lifted their price objective on Regal Rexnord from $165.00 to $237.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Citigroup increased their target price on Regal Rexnord from $180.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Finally, Robert W. Baird set a $253.00 price target on shares of Regal Rexnord in a research report on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $227.50.

About Regal Rexnord

Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company’s operations are organized into multiple business segments that address distinct customer needs.