Securian Asset Management Inc. Trims Stock Position in Regal Rexnord Co. (NYSE:RRX)

Securian Asset Management Inc. cut its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 3.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,006 shares of the company’s stock after selling 168 shares during the quarter. Securian Asset Management Inc.’s holdings in Regal Rexnord were worth $777,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in shares of Regal Rexnord by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 436,307 shares of the company’s stock valued at $72,375,000 after acquiring an additional 28,278 shares during the period. Geode Capital Management LLC boosted its stake in Regal Rexnord by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company’s stock worth $183,195,000 after purchasing an additional 9,338 shares during the period. First Hawaiian Bank bought a new position in Regal Rexnord in the 4th quarter worth approximately $811,000. PNC Financial Services Group Inc. boosted its stake in Regal Rexnord by 29.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock worth $2,042,000 after purchasing an additional 2,783 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Regal Rexnord by 7.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company’s stock worth $204,254,000 after purchasing an additional 77,215 shares during the period. 99.72% of the stock is currently owned by institutional investors.

Regal Rexnord Stock Performance

NYSE:RRX opened at $116.44 on Friday. The stock’s fifty day moving average is $142.83 and its 200 day moving average is $158.08. Regal Rexnord Co. has a fifty-two week low of $113.73 and a fifty-two week high of $185.28. The firm has a market capitalization of $7.72 billion, a PE ratio of 39.47, a PEG ratio of 1.37 and a beta of 1.11. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. On average, sell-side analysts anticipate that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a $0.35 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 1.20%. Regal Rexnord’s payout ratio is 47.46%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RRX shares. Oppenheimer dropped their price target on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Citigroup dropped their price target on Regal Rexnord from $210.00 to $190.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Barclays dropped their price target on Regal Rexnord from $176.00 to $160.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Jefferies Financial Group started coverage on Regal Rexnord in a report on Thursday, December 12th. They set a “buy” rating and a $215.00 price objective on the stock. Finally, The Goldman Sachs Group upped their price objective on Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Regal Rexnord currently has an average rating of “Moderate Buy” and an average target price of $195.75.

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.