Teachers Retirement System of The State of Kentucky Invests $9.63 Million in Regal Rexnord Co. (NYSE:RRX)

Teachers Retirement System of The State of Kentucky purchased a new position in Regal Rexnord Co. (NYSE:RRX – Get Rating) during the third quarter, HoldingsChannel.com reports. The fund purchased 68,613 shares of the company’s stock, valued at approximately $9,630,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of RRX. US Bancorp DE purchased a new stake in shares of Regal Rexnord in the first quarter worth about $702,000. Citigroup Inc. bought a new position in shares of Regal Rexnord in the first quarter worth approximately $3,124,000. AlphaCrest Capital Management LLC bought a new position in shares of Regal Rexnord in the first quarter worth approximately $347,000. Great West Life Assurance Co. Can bought a new position in shares of Regal Rexnord in the first quarter worth approximately $5,758,000. Finally, Synovus Financial Corp bought a new position in shares of Regal Rexnord in the first quarter worth approximately $1,608,000. 99.98% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Stock Up 1.6 %

Shares of Regal Rexnord stock opened at $141.75 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.66 and a current ratio of 2.99. Regal Rexnord Co. has a 52-week low of $108.28 and a 52-week high of $164.15. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 19.42, a P/E/G ratio of 1.41 and a beta of 1.08. The company’s 50 day moving average price is $147.72 and its 200-day moving average price is $138.18.

Regal Rexnord (NYSE:RRX – Get Rating) last issued its earnings results on Wednesday, February 1st. The company reported $2.64 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the business earned $2.14 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. Equities research analysts forecast that Regal Rexnord Co. will post 10.52 EPS for the current year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.99%. The ex-dividend date of this dividend is Thursday, March 30th. Regal Rexnord’s dividend payout ratio is 19.18%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on RRX shares. KeyCorp upped 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. StockNews.com began coverage on shares of Regal Rexnord in a research report on Thursday. They issued a “buy” rating on the stock. Wolfe Research cut shares of Regal Rexnord from an “outperform” rating to a “peer perform” rating in a research report on Thursday, December 1st. Barclays increased their price target on shares of Regal Rexnord from $148.00 to $185.00 in a research report on Sunday, February 5th. Finally, Robert W. Baird increased their price target on shares of Regal Rexnord from $167.00 to $188.00 in a research report on Friday, February 3rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $186.80.

Regal Rexnord Company Profile

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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.