Empire Life Investments Inc. Sells 1,016 Shares of Regal Rexnord Co. (NYSE:RRX)

Empire Life Investments Inc. lessened its position in Regal Rexnord Co. (NYSE:RRX) by 1.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,485 shares of the company’s stock after selling 1,016 shares during the period. Empire Life Investments Inc.’s holdings in Regal Rexnord were worth $15,673,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Victory Capital Management Inc. increased its position in Regal Rexnord by 42.7% during the 2nd quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock worth $254,832,000 after buying an additional 563,853 shares during the period. Capital World Investors raised its position in shares of Regal Rexnord by 4.7% in the first quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock valued at $1,188,615,000 after buying an additional 296,941 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Regal Rexnord by 24.7% in the second quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock valued at $152,183,000 after buying an additional 222,775 shares during the period. Diamond Hill Capital Management Inc. grew its position in Regal Rexnord by 7.1% during the second quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock worth $430,255,000 after buying an additional 209,776 shares in the last quarter. Finally, TimesSquare Capital Management LLC raised its holdings in Regal Rexnord by 64.4% in the 1st quarter. TimesSquare Capital Management LLC now owns 466,475 shares of the company’s stock valued at $84,012,000 after acquiring an additional 182,770 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

Analyst Ratings Changes

RRX has been the subject of a number of analyst reports. Barclays boosted their price target on Regal Rexnord from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. KeyCorp decreased their price target on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Citigroup initiated coverage on shares of Regal Rexnord in a research report on Monday, October 14th. They set a “buy” rating and a $200.00 target price on the stock. Finally, Loop Capital reiterated a “buy” rating and issued a $200.00 price target on shares of Regal Rexnord in a research report on Thursday, September 19th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $193.63.

Regal Rexnord Stock Performance

Shares of NYSE RRX opened at $169.02 on Friday. Regal Rexnord Co. has a 1-year low of $97.18 and a 1-year high of $183.85. The stock has a market cap of $11.25 billion, a price-to-earnings ratio of -8,451.00, a P/E/G ratio of 1.76 and a beta of 1.04. The stock’s 50-day moving average is $165.12 and its 200 day moving average is $156.06. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.15. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the previous year, the business earned $2.56 EPS. Regal Rexnord’s revenue was down 12.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Regal Rexnord Co. will post 9.48 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 annualized dividend and a dividend yield of 0.83%. Regal Rexnord’s payout ratio is currently -7,000.00%.

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.