Boothbay Fund Management LLC Sells 6,794 Shares of Regal Rexnord Corporation $RRX

Boothbay Fund Management LLC cut its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 23.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,745 shares of the company’s stock after selling 6,794 shares during the period. Boothbay Fund Management LLC’s holdings in Regal Rexnord were worth $3,119,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Creative Planning grew its holdings in shares of Regal Rexnord by 7.0% during the third quarter. Creative Planning now owns 8,133 shares of the company’s stock worth $1,167,000 after purchasing an additional 535 shares during the last quarter. Lazard Asset Management LLC bought a new stake in Regal Rexnord during the 3rd quarter worth about $1,428,000. Raymond James Financial Inc. increased its position in Regal Rexnord by 10.5% in the 3rd quarter. Raymond James Financial Inc. now owns 177,313 shares of the company’s stock valued at $25,434,000 after acquiring an additional 16,785 shares in the last quarter. Amundi increased its position in Regal Rexnord by 27.9% in the 3rd quarter. Amundi now owns 21,574 shares of the company’s stock valued at $3,237,000 after acquiring an additional 4,709 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Regal Rexnord by 6.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,146 shares of the company’s stock worth $2,603,000 after acquiring an additional 1,160 shares during the last quarter. 99.72% of the stock is owned by institutional investors and hedge funds.

Regal Rexnord Price Performance

Shares of RRX opened at $188.47 on Tuesday. The company has a current ratio of 2.15, a quick ratio of 1.10 and a debt-to-equity ratio of 0.70. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $229.30. The stock has a market cap of $12.53 billion, a P/E ratio of 44.87, a price-to-earnings-growth ratio of 1.73 and a beta of 1.05. The stock’s 50-day moving average price is $187.65 and its two-hundred day moving average price is $158.60.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Thursday, February 5th. The company reported $2.51 EPS for the quarter, beating 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 company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the prior year, the business posted $2.34 EPS. Regal Rexnord’s revenue was up 4.3% on a year-over-year basis. On average, equities analysts predict 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. Shareholders of record on Tuesday, March 31st will be issued a $0.35 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 0.7%. Regal Rexnord’s dividend payout ratio (DPR) is 33.33%.

Insider Activity

In related news, EVP Cheryl Lewis sold 2,262 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $2,851,734.87. This trade represents a 14.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Curtis W. Stoelting sold 4,500 shares of Regal Rexnord stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $180.00, for a total value of $810,000.00. Following the transaction, the director owned 15,617 shares in the company, valued at approximately $2,811,060. This represents a 22.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 53,451 shares of company stock valued at $11,386,689. 0.82% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Citigroup upped their price objective on Regal Rexnord from $180.00 to $230.00 and gave the stock a “buy” rating in a report on Monday, February 9th. KeyCorp boosted their price objective on Regal Rexnord from $200.00 to $255.00 and gave the stock an “overweight” rating in a report on Tuesday, February 10th. Zacks Research raised shares of Regal Rexnord from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 30th. JPMorgan Chase & Co. lifted their price target on shares of Regal Rexnord from $190.00 to $230.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Finally, Oppenheimer boosted their price target on shares of Regal Rexnord from $180.00 to $225.00 and gave the stock an “outperform” rating in a research note 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. According to data from MarketBeat, Regal Rexnord has a consensus rating of “Moderate Buy” and a consensus price target 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.