Massachusetts Financial Services Co. MA Trims Stock Position in Regal Rexnord Co. (NYSE:RRX)

Massachusetts Financial Services Co. MA reduced its stake in Regal Rexnord Co. (NYSE:RRX) by 0.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,804,929 shares of the company’s stock after selling 21,359 shares during the quarter. Massachusetts Financial Services Co. MA owned 4.24% of Regal Rexnord worth $465,282,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of RRX. Headlands Technologies LLC purchased a new position in Regal Rexnord in the 2nd quarter valued at $46,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Regal Rexnord in the second quarter valued at about $52,000. UMB Bank n.a. increased its stake in shares of Regal Rexnord by 72.5% during the third quarter. UMB Bank n.a. now owns 345 shares of the company’s stock worth $57,000 after acquiring an additional 145 shares during the period. EntryPoint Capital LLC purchased a new position in Regal Rexnord during the first quarter worth about $68,000. Finally, GAMMA Investing LLC lifted its position in Regal Rexnord by 13.9% in the second quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock valued at $87,000 after purchasing an additional 79 shares during the period. Institutional investors and hedge funds own 99.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Robert W. Baird dropped their target price on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Loop Capital reaffirmed a “buy” rating and issued a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. Citigroup assumed coverage on shares of Regal Rexnord in a research note on Monday, October 14th. They set a “buy” rating and a $200.00 price objective for the company. Finally, The Goldman Sachs Group increased their target price on Regal Rexnord from $176.00 to $195.00 and gave the company 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 company. Based on data from MarketBeat.com, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus price target of $193.00.

Insider Activity at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 8,774 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $180.03, for a total value of $1,579,583.22. Following the sale, the chief executive officer now directly owns 149,618 shares in the company, valued at $26,935,728.54. This trade represents a 5.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.82% of the company’s stock.

Regal Rexnord Trading Up 1.5 %

NYSE RRX opened at $173.74 on Friday. The company has a market capitalization of $11.51 billion, a price-to-earnings ratio of 54.81, a price-to-earnings-growth ratio of 1.86 and a beta of 1.04. The company’s fifty day moving average price is $169.15 and its two-hundred day moving average price is $157.03. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35. Regal Rexnord Co. has a 12 month low of $113.79 and a 12 month high of $185.28.

Regal Rexnord (NYSE:RRX) last posted its quarterly 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 business 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% compared to the same quarter last year. During the same period in the prior year, the company posted $2.10 EPS. As a group, research analysts predict that Regal Rexnord Co. will post 9.25 earnings per share 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 issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.81%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord’s dividend payout ratio (DPR) is 44.16%.

Regal Rexnord Company 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.