AIA Group Ltd Makes New $1.48 Million Investment in Regal Rexnord Corporation $RRX

AIA Group Ltd acquired a new stake in shares of Regal Rexnord Corporation (NYSE:RRX) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 10,299 shares of the company’s stock, valued at approximately $1,477,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its stake in shares of Regal Rexnord by 138.4% in the 3rd quarter. Victory Capital Management Inc. now owns 3,968,101 shares of the company’s stock valued at $566,981,000 after purchasing an additional 2,303,373 shares during the period. Viking Global Investors LP increased its stake in shares of 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 acquiring an additional 701,145 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Regal Rexnord by 14.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,398,921 shares of the company’s stock valued at $344,103,000 after acquiring an additional 303,378 shares during the period. Nordea Investment Management AB boosted its stake in Regal Rexnord by 30.7% during the third quarter. Nordea Investment Management AB now owns 2,028,936 shares of the company’s stock worth $289,083,000 after acquiring an additional 476,802 shares in the last quarter. Finally, Norges Bank purchased a new stake in Regal Rexnord in the second quarter worth about $256,155,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $175.38 on Friday. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve 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 company has a market cap of $11.67 billion, a PE ratio of 41.76, a price-to-earnings-growth ratio of 1.72 and a beta of 1.05. The company’s 50 day moving average is $190.08 and its 200 day moving average is $159.44.

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

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, March 31st. Regal Rexnord’s dividend payout ratio (DPR) is currently 33.33%.

Wall Street Analyst Weigh In

RRX has been the subject of several analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Regal Rexnord in a report on Thursday, January 22nd. Jefferies Financial Group cut shares of Regal Rexnord from a “buy” rating to a “hold” rating and cut their price target for the company from $170.00 to $160.00 in a report on Wednesday, December 10th. KeyCorp boosted their price objective on shares of Regal Rexnord from $200.00 to $255.00 and gave the stock 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 report on Friday, February 6th. Finally, Robert W. Baird set a $253.00 target price on shares of Regal Rexnord in a report on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $227.50.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 36,728 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 83,337 shares of the company’s stock, valued at approximately $17,960,790.24. This represents a 30.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Curtis W. Stoelting sold 4,500 shares of Regal Rexnord stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $180.00, for a total value 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. This represents a 22.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, 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 Company 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.