New York State Common Retirement Fund Boosts Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

New York State Common Retirement Fund boosted its position in shares of Regal Rexnord Co. (NYSE:RRX) by 0.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 153,504 shares of the company’s stock after buying an additional 798 shares during the period. New York State Common Retirement Fund owned 0.23% of Regal Rexnord worth $22,722,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Cary Street Partners Investment Advisory LLC grew its position in Regal Rexnord by 652.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 173 shares of the company’s stock worth $25,000 after acquiring an additional 150 shares during the period. Global Retirement Partners LLC lifted its position in shares of Regal Rexnord by 18.5% during the 3rd quarter. Global Retirement Partners LLC now owns 493 shares of the company’s stock valued at $68,000 after acquiring an additional 77 shares during the period. CWM LLC raised its position in shares of Regal Rexnord by 48.5% during the 4th quarter. CWM LLC now owns 738 shares of the company’s stock worth $109,000 after purchasing an additional 241 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Regal Rexnord by 11,000.0% during the 4th quarter. International Assets Investment Management LLC now owns 888 shares of the company’s stock worth $131,000 after purchasing an additional 880 shares during the last quarter. Finally, Arlington Trust Co LLC acquired a new position in shares of Regal Rexnord during the 4th quarter worth approximately $140,000. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Regal Rexnord Stock Performance

NYSE:RRX opened at $164.11 on Friday. The company has a current ratio of 2.55, a quick ratio of 1.59 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $10.91 billion, a price-to-earnings ratio of -188.63, a PEG ratio of 1.61 and a beta of 1.14. The firm’s fifty day simple moving average is $169.93 and its 200 day simple moving average is $144.82. Regal Rexnord Co. has a twelve month low of $97.18 and a twelve month high of $183.85.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Wednesday, February 7th. The company reported $2.28 earnings per share 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 business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business posted $2.64 EPS. The business’s quarterly revenue was up 29.2% on a year-over-year basis. As a group, equities research analysts expect that Regal Rexnord Co. will post 10.05 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.35 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 0.85%. Regal Rexnord’s dividend payout ratio is currently -160.92%.

Analysts Set New Price Targets

RRX has been the subject of several recent analyst reports. Oppenheimer lifted their target price 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. 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. Finally, KeyCorp boosted their price objective on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and an average price target of $197.00.

Regal Rexnord 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.