Lazard Asset Management LLC Takes $60,000 Position in Regal Rexnord Co. (NYSE:RRX)

Lazard Asset Management LLC acquired a new stake in shares of Regal Rexnord Co. (NYSE:RRX – Get Rating) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 429 shares of the company’s stock, valued at approximately $60,000.

A number of other hedge funds have also recently made changes to their positions in RRX. Vanguard Group Inc. purchased a new position in Regal Rexnord during the first quarter worth about $978,777,000. Capital World Investors purchased a new position in Regal Rexnord during the first quarter worth about $793,975,000. FMR LLC boosted its holdings in Regal Rexnord by 14.3% during the second quarter. FMR LLC now owns 4,566,130 shares of the company’s stock worth $518,347,000 after purchasing an additional 570,608 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Regal Rexnord by 32.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,872,474 shares of the company’s stock worth $543,541,000 after purchasing an additional 951,511 shares during the last quarter. Finally, State Street Corp purchased a new position in Regal Rexnord during the first quarter worth about $266,837,000. 99.98% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Stock Performance

NYSE RRX opened at $157.79 on Wednesday. The company’s 50 day moving average is $143.68 and its 200-day moving average is $137.85. Regal Rexnord Co. has a 12-month low of $108.28 and a 12-month high of $164.15. The company has a quick ratio of 1.66, a current ratio of 2.99 and a debt-to-equity ratio of 0.31. The firm has a market cap of $10.45 billion, a P/E ratio of 21.62, a price-to-earnings-growth ratio of 1.54 and a beta of 1.08.

Regal Rexnord (NYSE:RRX – Get Rating) last posted its quarterly earnings results on Wednesday, February 1st. The company reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.34. Regal Rexnord had a net margin of 9.37% and a return on equity of 11.36%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the firm posted $2.14 earnings per share. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. Sell-side analysts predict that Regal Rexnord Co. will post 10.52 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Thursday, March 30th. Regal Rexnord’s dividend payout ratio (DPR) is currently 19.18%.

Wall Street Analysts Forecast Growth

RRX has been the topic of several analyst reports. Robert W. Baird boosted their price target on shares of Regal Rexnord from $167.00 to $188.00 in a report on Friday, February 3rd. Wolfe Research cut shares of Regal Rexnord from an “outperform” rating to a “peer perform” rating in a report on Thursday, December 1st. KeyCorp lifted their price objective on shares of Regal Rexnord from $172.00 to $184.00 and gave the stock an “overweight” rating in a research report on Thursday, February 2nd. Barclays lifted their price objective on shares of Regal Rexnord from $148.00 to $185.00 in a research report on Sunday, February 5th. Finally, Oppenheimer lifted their price objective on shares of Regal Rexnord from $180.00 to $190.00 and gave the stock an “outperform” rating in a research report on Friday, February 3rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $186.80.

Regal Rexnord Profile

(Get Rating)

Regal Rexnord Corp. engages in the manufacture of electric motors, electrical motion controls, power generation, and power transmission products. It operates through the following segments: Commercial Systems, Industrial Systems, Climate Solutions, and Power Transmission Solutions. The Commercial Systems segment produces fractional to 5 horsepower AC and DC motors, electric variable speed controls, fans, and blowers for commercial applications.