CIBC Private Wealth Group LLC Decreases Stock Holdings in Regal Rexnord Corporation $RRX

CIBC Private Wealth Group LLC reduced its position in shares of Regal Rexnord Corporation (NYSE:RRX) by 1.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 158,317 shares of the company’s stock after selling 2,704 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.24% of Regal Rexnord worth $22,709,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. 1620 Investment Advisors Inc. grew its stake in shares of Regal Rexnord by 8.6% in the third quarter. 1620 Investment Advisors Inc. now owns 944 shares of the company’s stock worth $135,000 after purchasing an additional 75 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Regal Rexnord by 35.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 299 shares of the company’s stock valued at $43,000 after purchasing an additional 78 shares during the last quarter. 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 buying an additional 79 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Regal Rexnord by 42.5% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 265 shares of the company’s stock worth $38,000 after buying an additional 79 shares during the period. Finally, Allworth Financial LP grew its position in shares of Regal Rexnord by 85.7% in the 2nd quarter. Allworth Financial LP now owns 195 shares of the company’s stock worth $28,000 after buying an additional 90 shares during the last quarter. Institutional investors own 99.72% of the company’s stock.

Insider Activity

In related news, CEO Louis V. Pinkham sold 36,728 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $215.52, for a total transaction of $7,915,618.56. Following the completion of the sale, the chief executive officer owned 83,337 shares of the company’s stock, valued at $17,960,790.24. This trade represents a 30.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Curtis W. Stoelting sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $180.00, for a total transaction of $810,000.00. Following the completion of the transaction, the director owned 15,617 shares of the company’s stock, valued at approximately $2,811,060. The trade was a 22.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 53,451 shares of company stock worth $11,386,689. Corporate insiders own 0.82% of the company’s stock.

Regal Rexnord Stock Up 0.1%

RRX stock opened at $185.43 on Friday. The business has a 50 day moving average of $189.63 and a 200 day moving average of $159.26. The firm has a market cap of $12.33 billion, a PE ratio of 44.15, a price-to-earnings-growth ratio of 1.72 and a beta of 1.05. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve month high of $229.30. The company has a quick ratio of 1.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.70.

Regal Rexnord (NYSE:RRX) last released its earnings results on Thursday, February 5th. The company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.54 billion. Regal Rexnord had a return on equity of 9.60% and a net margin of 4.71%.The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.34 earnings per share. On average, research analysts forecast that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal 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 of this dividend is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 0.8%. Regal Rexnord’s payout ratio is 33.33%.

Analysts Set New Price Targets

RRX has been the topic of several research analyst reports. Robert W. Baird set a $253.00 target price on Regal Rexnord in a report on Friday, February 6th. KeyCorp lifted their price target on shares of Regal Rexnord from $200.00 to $255.00 and gave the company an “overweight” rating in a report on Tuesday, February 10th. JPMorgan Chase & Co. boosted their price objective on shares of Regal Rexnord from $190.00 to $230.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Citigroup upped their price objective on shares of Regal Rexnord from $180.00 to $230.00 and gave the stock a “buy” rating in a report on Monday, February 9th. Finally, Jefferies Financial Group cut shares of Regal Rexnord from a “buy” rating to a “hold” rating and dropped their target price for the stock from $170.00 to $160.00 in a research report on Wednesday, December 10th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $227.50.

Regal Rexnord Profile

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.