Allspring Global Investments Holdings LLC Lowers Stock Holdings in Regal Rexnord Corporation $RRX

Allspring Global Investments Holdings LLC lowered its stake in Regal Rexnord Corporation (NYSE:RRX) by 25.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 351,645 shares of the company’s stock after selling 120,480 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.53% of Regal Rexnord worth $67,298,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Covestor Ltd increased its stake in Regal Rexnord by 81.6% in the 4th quarter. Covestor Ltd now owns 178 shares of the company’s stock valued at $25,000 after buying an additional 80 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Regal Rexnord by 135.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after acquiring an additional 127 shares during the period. Garner Asset Management Corp acquired a new stake in shares of Regal Rexnord in the 4th quarter worth $27,000. IFP Advisors Inc boosted its holdings in shares of Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock valued at $27,000 after acquiring an additional 49 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of Regal Rexnord in the third quarter valued at about $35,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Insider Buying and Selling

In other news, CFO Robert Rehard sold 6,499 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the sale, the chief financial officer owned 27,965 shares in the company, valued at $5,593,000. This trade represents a 18.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Louis V. Pinkham sold 22,509 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $211.68, for a total value of $4,764,705.12. Following the completion of the transaction, the chief executive officer owned 56,749 shares of the company’s stock, valued at $12,012,628.32. The trade was a 28.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 30,305 shares of company stock worth $6,341,869. 0.63% of the stock is owned by insiders.

Analyst Ratings Changes

RRX has been the topic of a number of analyst reports. Wall Street Zen lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Saturday. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research note on Tuesday, April 21st. Wolfe Research set a $250.00 price target on Regal Rexnord in a report on Thursday, July 9th. KeyCorp lifted their price target on Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, Barclays upped their price objective on Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, March 23rd. 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 $243.45.

Regal Rexnord Stock Down 2.2%

Shares of NYSE:RRX opened at $207.29 on Friday. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. Regal Rexnord Corporation has a 52-week low of $127.96 and a 52-week high of $247.80. The stock’s fifty day simple moving average is $211.75 and its 200-day simple moving average is $197.27. The company has a market capitalization of $13.80 billion, a P/E ratio of 48.21, a P/E/G ratio of 1.99 and a beta of 1.08.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings data on Thursday, May 7th. The company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.15 EPS. As a group, equities research analysts forecast that Regal Rexnord Corporation will post 10.64 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th were given a dividend of $0.35 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 0.7%. Regal Rexnord’s dividend payout ratio (DPR) is 32.56%.

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.