Public Employees Retirement System of Ohio Trims Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Public Employees Retirement System of Ohio lessened its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 4.8% in the third quarter, Holdings Channel.com reports. The firm owned 24,108 shares of the company’s stock after selling 1,206 shares during the period. Public Employees Retirement System of Ohio’s holdings in Regal Rexnord were worth $3,999,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of RRX. CWM LLC raised its stake in shares of Regal Rexnord by 25.4% in the 2nd quarter. CWM LLC now owns 825 shares of the company’s stock valued at $112,000 after purchasing an additional 167 shares in the last quarter. SG Americas Securities LLC raised its stake in Regal Rexnord by 418.5% during the second quarter. SG Americas Securities LLC now owns 3,132 shares of the company’s stock valued at $424,000 after buying an additional 2,528 shares in the last quarter. Raymond James & Associates lifted its holdings in Regal Rexnord by 4.6% during the 2nd quarter. Raymond James & Associates now owns 114,948 shares of the company’s stock worth $15,543,000 after buying an additional 5,056 shares during the last quarter. Pallas Capital Advisors LLC grew its position in shares of Regal Rexnord by 10.5% in the 2nd quarter. Pallas Capital Advisors LLC now owns 13,820 shares of the company’s stock worth $2,065,000 after acquiring an additional 1,317 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new stake in shares of Regal Rexnord in the 2nd quarter valued at approximately $290,000. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RRX has been the subject of a number of research reports. Citigroup initiated coverage on shares of Regal Rexnord in a report on Monday, October 14th. They issued a “buy” rating and a $200.00 price objective for the company. Barclays lifted their price target on shares of Regal Rexnord from $190.00 to $205.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Jefferies Financial Group started coverage on shares of Regal Rexnord in a research note on Thursday. They set a “buy” rating and a $215.00 price objective on the stock. The Goldman Sachs Group lifted their target price on Regal Rexnord from $191.00 to $213.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Robert W. Baird dropped their price target on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $205.13.

Insider Transactions at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 8,774 shares of the business’s stock in a transaction 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 owns 149,618 shares of the company’s stock, valued at approximately $26,935,728.54. The trade was a 5.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.82% of the company’s stock.

Regal Rexnord Stock Performance

Shares of NYSE RRX opened at $168.88 on Monday. Regal Rexnord Co. has a 12-month low of $130.94 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 company has a market cap of $11.18 billion, a PE ratio of 53.27, a P/E/G ratio of 1.83 and a beta of 1.03. The stock has a 50 day simple moving average of $171.79 and a 200-day simple moving average of $158.82.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.01. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the prior year, the business posted $2.10 earnings per share. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. On average, equities research analysts forecast that Regal Rexnord Co. will post 9.24 EPS for the current year.

Regal Rexnord Announces Dividend

The business also recently declared 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 dividend yield of 0.83%. Regal Rexnord’s dividend payout ratio (DPR) is 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.