Mitsubishi UFJ Trust & Banking Corp Cuts Stock Position in Regal Rexnord Co. (NYSE:RRX)

Mitsubishi UFJ Trust & Banking Corp lessened its stake in shares of Regal Rexnord Co. (NYSE:RRXGet Rating) by 40.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,799 shares of the company’s stock after selling 1,904 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Regal Rexnord were worth $318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. abrdn plc purchased a new stake in shares of Regal Rexnord during the first quarter worth approximately $706,000. National Bank of Canada FI purchased a new stake in shares of Regal Rexnord during the first quarter worth approximately $184,000. Qube Research & Technologies Ltd purchased a new stake in shares of Regal Rexnord during the first quarter worth approximately $1,526,000. MAI Capital Management purchased a new stake in shares of Regal Rexnord during the first quarter worth approximately $263,000. Finally, Assetmark Inc. raised its stake in shares of Regal Rexnord by 309.8% during the second quarter. Assetmark Inc. now owns 1,127 shares of the company’s stock worth $128,000 after purchasing an additional 852 shares during the last quarter. Hedge funds and other institutional investors own 97.00% of the company’s stock.

Regal Rexnord Stock Up 2.2 %

Regal Rexnord stock opened at $130.10 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.60 and a current ratio of 2.89. The firm has a market capitalization of $8.61 billion, a price-to-earnings ratio of 22.82, a price-to-earnings-growth ratio of 1.21 and a beta of 1.06. Regal Rexnord Co. has a fifty-two week low of $108.28 and a fifty-two week high of $176.91. The stock’s fifty day moving average is $138.38 and its two-hundred day moving average is $131.21.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Friday, December 30th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.08%. The ex-dividend date is Thursday, December 29th. Regal Rexnord’s dividend payout ratio (DPR) is 24.56%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RRX. StockNews.com began coverage on Regal Rexnord in a report on Wednesday, October 12th. They set a “buy” rating on the stock. Barclays upped their price objective on Regal Rexnord from $140.00 to $157.00 in a report on Wednesday, August 3rd. KeyCorp upped their price objective on Regal Rexnord from $155.00 to $172.00 and gave the stock an “overweight” rating in a report on Tuesday, August 23rd. The Goldman Sachs Group upped their price objective on Regal Rexnord from $165.00 to $187.00 and gave the stock a “buy” rating in a report on Wednesday, September 14th. Finally, Robert W. Baird dropped their price objective on Regal Rexnord from $174.00 to $167.00 in a report on Wednesday, November 2nd.

Regal Rexnord Company Profile

(Get Rating)

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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Institutional Ownership by Quarter for Regal Rexnord (NYSE:RRX)

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