Artemis Investment Management LLP Reduces Stock Position in Regal Rexnord Co. (NYSE:RRX)

Artemis Investment Management LLP trimmed its holdings in Regal Rexnord Co. (NYSE:RRX) by 31.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,048 shares of the company’s stock after selling 42,135 shares during the period. Artemis Investment Management LLP’s holdings in Regal Rexnord were worth $14,279,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of RRX. Harbor Capital Advisors Inc. raised its stake in shares of Regal Rexnord by 3.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 23,772 shares of the company’s stock valued at $3,688,000 after purchasing an additional 814 shares during the period. First Hawaiian Bank bought a new stake in shares of Regal Rexnord during the fourth quarter valued at about $811,000. GAMMA Investing LLC lifted its holdings in shares of Regal Rexnord by 28.3% in the fourth quarter. GAMMA Investing LLC now owns 1,079 shares of the company’s stock worth $167,000 after buying an additional 238 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Regal Rexnord by 6.9% in the third 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. Finally, American Trust grew its stake in Regal Rexnord by 11.5% during the third quarter. American Trust now owns 1,797 shares of the company’s stock valued at $298,000 after acquiring an additional 185 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $156.41 on Monday. The company’s fifty day moving average is $164.43 and its 200 day moving average is $161.64. Regal Rexnord Co. has a 52 week low of $130.94 and a 52 week high of $185.28. The stock has a market cap of $10.36 billion, a PE ratio of 49.34, a PEG ratio of 1.44 and a beta of 1.04. The company has a quick ratio of 1.35, a current ratio of 2.45 and a debt-to-equity ratio of 0.87.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.01. The firm had revenue of $1.48 billion during 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 quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.10 earnings per share. Research analysts anticipate that Regal Rexnord Co. will post 9.24 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st were paid a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.40 annualized dividend and a dividend yield of 0.90%. Regal Rexnord’s payout ratio is currently 44.16%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Robert W. Baird reduced their price target on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. The Goldman Sachs Group raised their price target on Regal Rexnord from $191.00 to $213.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Barclays cut their price objective on Regal Rexnord from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Citigroup dropped their target price on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, Jefferies Financial Group began coverage on shares of Regal Rexnord in a report on Thursday, December 12th. They issued a “buy” rating and a $215.00 price target on the stock. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.00.

Insider Transactions at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 8,774 shares of Regal Rexnord stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 149,618 shares in the company, valued at approximately $26,935,728.54. This trade represents a 5.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.82% of the company’s stock.

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.