Oppenheimer & Co. Inc. Sells 2,216 Shares of Regal Rexnord Co. (NYSE:RRX)

Oppenheimer & Co. Inc. reduced its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 3.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,653 shares of the company’s stock after selling 2,216 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Regal Rexnord were worth $9,729,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. CANADA LIFE ASSURANCE Co boosted its stake in Regal Rexnord by 8.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 58,336 shares of the company’s stock valued at $10,515,000 after purchasing an additional 4,342 shares during the last quarter. Blair William & Co. IL grew its holdings in Regal Rexnord by 161.4% during the first quarter. Blair William & Co. IL now owns 7,770 shares of the company’s stock worth $1,399,000 after buying an additional 4,798 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in Regal Rexnord by 18.6% during the first quarter. Westfield Capital Management Co. LP now owns 302,532 shares of the company’s stock worth $54,486,000 after buying an additional 47,379 shares in the last quarter. PEAK6 Investments LLC raised its position in Regal Rexnord by 52.2% in the 1st quarter. PEAK6 Investments LLC now owns 28,696 shares of the company’s stock valued at $5,168,000 after buying an additional 9,848 shares during the last quarter. Finally, Harbor Capital Advisors Inc. bought a new position in Regal Rexnord during the 2nd quarter valued at $1,173,000. 99.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RRX has been the subject of several analyst reports. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Barclays upped their price objective on shares of Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Citigroup started 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. Loop Capital reaffirmed a “buy” rating and issued a $200.00 target price on shares of Regal Rexnord in a report on Thursday, September 19th. Finally, The Goldman Sachs Group lifted their price target on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and a consensus target price of $193.00.

Insider Transactions at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 8,774 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the sale, the chief executive officer now directly owns 149,618 shares in the company, valued at approximately $26,935,728.54. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.82% of the company’s stock.

Regal Rexnord Trading Up 0.9 %

NYSE:RRX opened at $172.06 on Thursday. Regal Rexnord Co. has a 12 month low of $111.33 and a 12 month high of $185.28. The company has a current ratio of 2.45, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87. The firm’s 50 day moving average is $166.89 and its 200 day moving average is $156.73. The stock has a market capitalization of $11.40 billion, a PE ratio of 54.28, a price-to-earnings-growth ratio of 1.85 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.01. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The business’s revenue was down 10.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.10 earnings per share. Sell-side analysts expect that Regal Rexnord Co. will post 9.2 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.35 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.81%. Regal Rexnord’s dividend payout ratio is presently 44.16%.

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.