Castleark Management LLC Makes New $3.63 Million Investment in Regal Rexnord Corporation $RRX

Castleark Management LLC purchased a new stake in Regal Rexnord Corporation (NYSE:RRX) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 19,390 shares of the company’s stock, valued at approximately $3,631,000.

A number of other hedge funds also recently modified their holdings of the business. Covestor Ltd grew its stake in shares of Regal Rexnord by 81.6% in the fourth quarter. Covestor Ltd now owns 178 shares of the company’s stock worth $25,000 after purchasing an additional 80 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Regal Rexnord by 135.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after purchasing an additional 127 shares during the last quarter. Garner Asset Management Corp acquired a new position in Regal Rexnord during the 4th quarter worth about $27,000. IFP Advisors Inc grew its position in shares of Regal Rexnord by 34.0% in the 4th quarter. IFP Advisors Inc now owns 193 shares of the company’s stock valued at $27,000 after buying an additional 49 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Regal Rexnord in the third quarter valued at about $35,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Insider Activity at Regal Rexnord

In related news, CFO Robert Rehard sold 6,499 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $200.00, for a total value of $1,299,800.00. Following the completion of the sale, the chief financial officer directly owned 27,965 shares of the company’s stock, valued at $5,593,000. The trade was a 18.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was 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 in the company, valued at approximately $12,012,628.32. The trade was a 28.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,305 shares of company stock valued at $6,341,869 in the last three months. Corporate insiders own 0.63% of the company’s stock.

Regal Rexnord Stock Down 0.7%

Shares of NYSE RRX opened at $211.31 on Tuesday. The firm has a market cap of $14.07 billion, a PE ratio of 49.14, a P/E/G ratio of 2.00 and a beta of 1.08. Regal Rexnord Corporation has a 12-month low of $127.96 and a 12-month high of $247.80. The company’s fifty day simple moving average is $212.80 and its 200 day simple moving average is $200.44. 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 (NYSE:RRX) last posted its quarterly earnings results on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.06. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the firm posted $2.15 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year. As a group, sell-side 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 will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be paid a $0.35 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 0.7%. Regal Rexnord’s dividend payout ratio (DPR) is currently 32.56%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. DA Davidson started coverage on Regal Rexnord in a research note on Tuesday, June 16th. They issued a “buy” rating and a $260.00 price objective on the stock. Wolfe Research set a $250.00 target price on shares of Regal Rexnord in a research report on Thursday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Regal Rexnord in a research report on Monday, July 20th. They issued a “buy” rating and a $286.00 price target on the stock. Finally, Citigroup increased their price objective on shares of Regal Rexnord from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $247.00.

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.