Amalgamated Bank acquired a new position in shares of Regal Rexnord Co. (NYSE:RRX – Get Rating) in the first quarter, Holdings Channel.com reports. The institutional investor acquired 47,759 shares of the company’s stock, valued at approximately $7,106,000.
A number of other large investors have also added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. purchased a new stake in Regal Rexnord during the first quarter worth about $25,000. Bank of New Hampshire bought a new position in Regal Rexnord during the first quarter worth about $30,000. Harvest Fund Management Co. Ltd bought a new position in Regal Rexnord during the first quarter worth about $30,000. Huntington National Bank bought a new position in Regal Rexnord during the first quarter worth about $32,000. Finally, Tobam bought a new position in Regal Rexnord during the first quarter worth about $35,000. Hedge funds and other institutional investors own 97.00% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on RRX shares. KeyCorp increased their target price on shares of Regal Rexnord from $155.00 to $172.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 23rd. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Friday, July 8th. Barclays increased their target price on shares of Regal Rexnord from $140.00 to $157.00 in a research report on Wednesday, August 3rd. Robert W. Baird raised their price objective on shares of Regal Rexnord from $146.00 to $158.00 in a research report on Wednesday, August 3rd. Finally, The Goldman Sachs Group raised their price objective on shares of Regal Rexnord from $165.00 to $187.00 and gave the company a “buy” rating in a research report on Wednesday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $173.40.
Insider Buying and Selling at Regal Rexnord
Regal Rexnord Price Performance
RRX stock opened at $139.60 on Friday. The firm has a 50 day moving average of $135.22 and a 200-day moving average of $133.87. The company has a current ratio of 2.76, a quick ratio of 1.52 and a debt-to-equity ratio of 0.34. Regal Rexnord Co. has a 12 month low of $108.28 and a 12 month high of $176.91. The firm has a market capitalization of $9.28 billion, a P/E ratio of 24.93, a price-to-earnings-growth ratio of 1.36 and a beta of 1.23.
Regal Rexnord (NYSE:RRX – Get Rating) last announced its earnings results on Monday, August 1st. The company reported $2.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.15. Regal Rexnord had a net margin of 6.99% and a return on equity of 11.15%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the business posted $2.28 earnings per share. Regal Rexnord’s revenue for the quarter was up 52.1% on a year-over-year basis. As a group, sell-side analysts predict that Regal Rexnord Co. will post 10.7 earnings per share for the current fiscal year.
Regal Rexnord Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, September 29th. This represents a $1.40 annualized dividend and a yield of 1.00%. Regal Rexnord’s payout ratio is presently 25.00%.
About Regal Rexnord
Regal Rexnord Corporation, together with its subsidiaries, designs, manufactures, and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. It operates through four segments: Commercial Systems, Industrial Systems, Climate Solutions, and Motion Control Solutions.
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