Alyeska Investment Group L.P. Boosts Stake in Regal Rexnord Co. (NYSE:RRX)

Alyeska Investment Group L.P. increased its holdings in Regal Rexnord Co. (NYSE:RRX - Free Report) by 425.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 400,050 shares of the company's stock after acquiring an additional 323,904 shares during the period. Alyeska Investment Group L.P. owned about 0.60% of Regal Rexnord worth $62,060,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in shares of Regal Rexnord by 6.9% during the third quarter. JPMorgan Chase & Co. now owns 436,307 shares of the company's stock valued at $72,375,000 after purchasing an additional 28,278 shares in the last quarter. First Hawaiian Bank bought a new position in shares of Regal Rexnord during the 4th quarter worth approximately $811,000. Franklin Resources Inc. grew its holdings in shares of Regal Rexnord by 7.2% in the third quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company's stock valued at $204,254,000 after acquiring an additional 77,215 shares in the last quarter. Atria Investments Inc grew its holdings in shares of Regal Rexnord by 48.9% in the fourth quarter. Atria Investments Inc now owns 2,310 shares of the company's stock valued at $358,000 after acquiring an additional 759 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Regal Rexnord by 16.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,844 shares of the company's stock valued at $2,613,000 after acquiring an additional 2,414 shares during the last quarter. Institutional investors own 99.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RRX shares. The Goldman Sachs Group reduced their price objective on Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Citigroup increased their price target on shares of Regal Rexnord from $110.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday. Oppenheimer lowered their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. KeyCorp reduced their target price on shares of Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Robert W. Baird lifted their price target on shares of Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $170.63.

Regal Rexnord Stock Performance

Shares of NYSE RRX traded up $2.34 during mid-day trading on Friday, hitting $134.53. The company had a trading volume of 335,767 shares, compared to its average volume of 552,626. The stock's 50-day moving average price is $111.60 and its 200-day moving average price is $142.78. The company has a market capitalization of $8.92 billion, a price-to-earnings ratio of 45.60, a P/E/G ratio of 1.37 and a beta of 1.11. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a 1 year low of $90.56 and a 1 year high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.33. The business had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.38 billion. Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. The business's revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.00 EPS. On average, sell-side analysts forecast 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, July 14th. Investors of record on Monday, June 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.04%. The ex-dividend date is Monday, June 30th. Regal Rexnord's payout ratio is 47.46%.

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.