Regal Rexnord Co. (NYSE:RRX) Shares Sold by Raymond James & Associates

Raymond James & Associates reduced its stake in shares of Regal Rexnord Co. (NYSE:RRX – Get Rating) by 4.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,693 shares of the company’s stock after selling 1,866 shares during the period. Raymond James & Associates owned approximately 0.06% of Regal Rexnord worth $4,522,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Regal Rexnord by 0.4% during the third quarter. Vanguard Group Inc. now owns 6,622,190 shares of the company’s stock worth $929,490,000 after purchasing an additional 23,578 shares during the last quarter. Capital World Investors purchased a new position in shares of Regal Rexnord during the first quarter worth $793,975,000. Massachusetts Financial Services Co. MA raised its holdings in shares of 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. State Street Corp purchased a new position in shares of Regal Rexnord during the first quarter worth $266,837,000. Finally, Thrivent Financial for Lutherans raised its holdings in shares of Regal Rexnord by 1.3% during the third quarter. Thrivent Financial for Lutherans now owns 1,294,214 shares of the company’s stock worth $181,655,000 after purchasing an additional 15,982 shares during the last quarter. Hedge funds and other institutional investors own 99.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RRX. KeyCorp lifted their price objective on shares of Regal Rexnord from $172.00 to $184.00 and gave the company an “overweight” rating in a report on Thursday, February 2nd. Barclays lifted their price objective on shares of Regal Rexnord from $148.00 to $185.00 in a report on Sunday, February 5th. StockNews.com began coverage on shares of Regal Rexnord in a report on Thursday, May 18th. They issued a “hold” rating for the company. Robert W. Baird cut their price objective on shares of Regal Rexnord from $188.00 to $184.00 and set an “outperform” rating for the company in a report on Tuesday, March 28th. Finally, Oppenheimer lifted their price objective on shares of Regal Rexnord from $180.00 to $190.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $186.00.

Regal Rexnord Stock Down 2.3 %

Shares of NYSE RRX opened at $130.00 on Wednesday. The company’s 50-day simple moving average is $132.25 and its 200-day simple moving average is $134.78. Regal Rexnord Co. has a 52-week low of $108.28 and a 52-week high of $162.89. The firm has a market cap of $8.62 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 1.25 and a beta of 1.06. The company has a quick ratio of 1.69, a current ratio of 2.92 and a debt-to-equity ratio of 1.12.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, June 29th. This represents a $1.40 dividend on an annualized basis and a yield of 1.08%. Regal Rexnord’s payout ratio is presently 26.12%.

About Regal Rexnord

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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.