Amalgamated Bank Trims Holdings in Regal Rexnord Co. (NYSE:RRX)

Amalgamated Bank lowered its stake in Regal Rexnord Co. (NYSE:RRX) by 3.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 44,155 shares of the company’s stock after selling 1,701 shares during the period. Amalgamated Bank owned 0.07% of Regal Rexnord worth $6,536,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Third Point LLC acquired a new position in Regal Rexnord in the third quarter worth $92,872,000. William Blair Investment Management LLC bought a new position in Regal Rexnord in the third quarter worth about $71,899,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Regal Rexnord by 80.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock valued at $75,382,000 after purchasing an additional 226,435 shares during the last quarter. Blackstone Inc. bought a new stake in shares of Regal Rexnord in the 3rd quarter worth approximately $27,862,000. Finally, FMR LLC grew its stake in Regal Rexnord by 2.1% during the 3rd quarter. FMR LLC now owns 8,978,384 shares of the company’s stock worth $1,282,831,000 after buying an additional 181,889 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Price Performance

Shares of Regal Rexnord stock opened at $165.08 on Monday. Regal Rexnord Co. has a twelve month low of $97.18 and a twelve month high of $183.85. 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’s 50-day simple moving average is $169.91 and its 200-day simple moving average is $146.05.

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

Regal Rexnord Dividend Announcement

The business 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 dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend is Friday, June 28th. Regal Rexnord’s dividend payout ratio is currently -160.92%.

Insider Buying and Selling at Regal Rexnord

In other news, EVP Jerrald R. Morton sold 2,992 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $154.34, for a total transaction of $461,785.28. Following the sale, the executive vice president now directly owns 15,884 shares of the company’s stock, valued at $2,451,536.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Regal Rexnord 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 completion of the sale, the executive vice president now owns 28,412 shares of the company’s stock, valued at approximately $4,821,516.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jerrald R. Morton sold 2,992 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $154.34, for a total value of $461,785.28. Following the completion of the transaction, the executive vice president now directly owns 15,884 shares in the company, valued at approximately $2,451,536.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,570 shares of company stock worth $892,301. 0.82% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on RRX shares. Oppenheimer upped their target price on Regal Rexnord from $185.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 13th. KeyCorp boosted their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a report on Monday, March 25th. Finally, Barclays increased their target price on Regal Rexnord from $200.00 to $203.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Regal Rexnord presently has a consensus rating of “Moderate Buy” and an average target price 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.