Regal Rexnord Co. (NYSE:RRX) Holdings Raised by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co increased its stake in Regal Rexnord Co. (NYSE:RRX) by 8.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,336 shares of the company’s stock after purchasing an additional 4,342 shares during the quarter. CANADA LIFE ASSURANCE Co owned approximately 0.09% of Regal Rexnord worth $10,515,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Regal Rexnord during the fourth quarter valued at approximately $180,918,000. The Manufacturers Life Insurance Company grew its position in Regal Rexnord by 167.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock worth $140,374,000 after purchasing an additional 593,862 shares in the last quarter. Franklin Resources Inc. raised its stake in Regal Rexnord by 87.3% during the 4th quarter. Franklin Resources Inc. now owns 1,001,545 shares of the company’s stock valued at $148,249,000 after purchasing an additional 466,820 shares during the period. Schroder Investment Management Group purchased a new stake in shares of Regal Rexnord in the fourth quarter valued at $49,041,000. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of Regal Rexnord in the fourth quarter worth $37,768,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Stock Up 3.6 %

RRX stock opened at $151.00 on Friday. The firm has a market cap of $10.04 billion, a PE ratio of -314.58, a PEG ratio of 1.50 and a beta of 1.06. Regal Rexnord Co. has a 1 year low of $97.18 and a 1 year high of $183.85. The company has a fifty day simple moving average of $144.21 and a 200 day simple moving average of $154.39. The company has a current ratio of 2.62, a quick ratio of 1.56 and a debt-to-equity ratio of 0.99.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. Regal Rexnord had a positive return on equity of 9.42% and a negative net margin of 0.48%. The business’s quarterly revenue was up 26.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.22 earnings per share. Sell-side analysts anticipate that Regal Rexnord Co. will post 9.73 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.40 annualized dividend and a yield of 0.93%. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on RRX shares. Raymond James initiated coverage on Regal Rexnord in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Robert W. Baird increased their price target on shares of Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. KeyCorp lowered their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. StockNews.com lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research note on Thursday, July 4th. Finally, Barclays decreased their target price on shares of Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Two analysts have 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 company has an average rating of “Moderate Buy” and a consensus target price of $188.00.

About Regal Rexnord

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.