Regal Rexnord Co. (NYSE:RRX) Shares Sold by Jennison Associates LLC

Jennison Associates LLC trimmed its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 62.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 124,118 shares of the company’s stock after selling 202,557 shares during the period. Jennison Associates LLC’s holdings in Regal Rexnord were worth $18,372,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC lifted its position in shares of Regal Rexnord by 2.1% during the 3rd quarter. FMR LLC now owns 8,978,384 shares of the company’s stock valued at $1,282,831,000 after acquiring an additional 181,889 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Regal Rexnord by 2.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 657,959 shares of the company’s stock worth $94,009,000 after purchasing an additional 17,810 shares in the last quarter. Third Point LLC purchased a new position in shares of Regal Rexnord during the 3rd quarter worth approximately $92,872,000. Invesco Ltd. increased its stake in shares of Regal Rexnord by 37.4% during the 3rd quarter. Invesco Ltd. now owns 521,492 shares of the company’s stock worth $74,511,000 after purchasing an additional 141,939 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Regal Rexnord by 80.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock worth $75,382,000 after purchasing an additional 226,435 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on RRX shares. KeyCorp raised their price objective on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. Oppenheimer raised their price objective on shares of Regal Rexnord from $185.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 13th. Finally, Barclays lifted their target price on shares of Regal Rexnord from $200.00 to $203.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.00.

Insider Activity at Regal Rexnord

In related news, EVP Thomas E. Valentyn sold 647 shares of Regal Rexnord stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total transaction of $109,795.90. Following the transaction, the executive vice president now owns 28,412 shares in the company, valued at approximately $4,821,516.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Thomas E. Valentyn sold 647 shares of Regal Rexnord stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total transaction of $109,795.90. Following the transaction, the executive vice president now owns 28,412 shares in the company, valued at approximately $4,821,516.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas E. Valentyn sold 1,931 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total transaction of $320,719.79. Following the completion of the sale, the executive vice president now directly owns 27,180 shares of the company’s stock, valued at approximately $4,514,326.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,570 shares of company stock worth $892,301. 0.82% of the stock is currently owned by corporate insiders.

Regal Rexnord Stock Down 1.4 %

Shares of NYSE RRX opened at $161.97 on Friday. Regal Rexnord Co. has a 52-week low of $97.18 and a 52-week high of $183.85. The firm has a fifty day moving average of $169.87 and a 200-day moving average of $144.61. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.55 and a quick ratio of 1.59.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Wednesday, February 7th. The company reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.02. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the company earned $2.64 EPS. The business’s quarterly revenue was up 29.2% compared to the same quarter last year. On average, sell-side analysts predict that Regal Rexnord Co. will post 10.05 EPS for the current year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 annualized dividend and a dividend yield of 0.86%. Regal Rexnord’s dividend payout ratio is presently -160.92%.

Regal Rexnord Company Profile

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.