Channing Capital Management LLC Sells 29,468 Shares of Regal Rexnord Corporation $RRX

Channing Capital Management LLC cut its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 41.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,392 shares of the company’s stock after selling 29,468 shares during the quarter. Channing Capital Management LLC owned 0.06% of Regal Rexnord worth $6,081,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in RRX. Viking Global Investors LP raised its position in Regal Rexnord by 25.7% in the 2nd quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock worth $497,231,000 after purchasing an additional 701,145 shares during the period. Nordea Investment Management AB increased its holdings in shares of Regal Rexnord by 30.7% in the third quarter. Nordea Investment Management AB now owns 2,028,936 shares of the company’s stock worth $289,083,000 after buying an additional 476,802 shares during the period. Norges Bank purchased a new position in shares of Regal Rexnord in the second quarter worth about $256,155,000. Invesco Ltd. lifted its stake in shares of Regal Rexnord by 36.6% in the 2nd quarter. Invesco Ltd. now owns 1,274,266 shares of the company’s stock valued at $184,718,000 after acquiring an additional 341,437 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Regal Rexnord by 0.4% during the 2nd quarter. Alliancebernstein L.P. now owns 812,164 shares of the company’s stock valued at $117,731,000 after acquiring an additional 3,574 shares during the period. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Insider Transactions at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 36,728 shares of the firm’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $215.52, for a total transaction of $7,915,618.56. Following the completion of the transaction, the chief executive officer owned 83,337 shares of the company’s stock, valued at approximately $17,960,790.24. This trade represents a 30.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 completion of the sale, the executive vice president directly owned 13,219 shares in the company, valued at $2,851,734.87. This represents a 14.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 87,129 shares of company stock valued at $16,136,908. Company insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on RRX. Jefferies Financial Group downgraded Regal Rexnord from a “buy” rating to a “hold” rating and lowered their price objective for the company from $170.00 to $160.00 in a research report on Wednesday, December 10th. KeyCorp lifted their target price on shares of Regal Rexnord from $200.00 to $255.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 10th. Citigroup increased their price target on shares of Regal Rexnord from $180.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Robert W. Baird set a $253.00 price objective on shares of Regal Rexnord in a research report on Friday, February 6th. Finally, Barclays upped their price objective on shares of Regal Rexnord from $165.00 to $237.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Regal Rexnord presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.50.

Regal Rexnord Stock Up 0.7%

Shares of NYSE RRX opened at $215.21 on Friday. The firm has a fifty day simple moving average of $167.70 and a two-hundred day simple moving average of $151.95. Regal Rexnord Corporation has a 12 month low of $90.56 and a 12 month high of $229.30. The company has a current ratio of 2.15, a quick ratio of 1.10 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $14.29 billion, a PE ratio of 51.24, a price-to-earnings-growth ratio of 2.00 and a beta of 1.13.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Thursday, February 5th. The company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.04. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the company earned $2.34 earnings per share. Regal Rexnord’s quarterly revenue was up 4.3% on a year-over-year basis. Equities analysts expect that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 31st will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, March 31st. Regal Rexnord’s dividend payout ratio (DPR) is presently 33.33%.

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.