Ameriprise Financial Inc. Decreases Stake in Regal Rexnord Co. (NYSE:RRX)

Ameriprise Financial Inc. reduced its stake in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 9.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 346,029 shares of the company's stock after selling 37,104 shares during the period. Ameriprise Financial Inc. owned approximately 0.52% of Regal Rexnord worth $53,681,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Regal Rexnord during the 4th quarter worth approximately $235,188,000. Victory Capital Management Inc. increased its stake in shares of Regal Rexnord by 20.1% during the fourth quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company's stock worth $337,712,000 after acquiring an additional 363,728 shares during the period. Cartenna Capital LP purchased a new stake in shares of Regal Rexnord in the fourth quarter valued at about $55,900,000. Alyeska Investment Group L.P. lifted its stake in shares of Regal Rexnord by 425.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company's stock valued at $62,060,000 after buying an additional 323,904 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Regal Rexnord by 56.8% during the fourth quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock worth $106,106,000 after purchasing an additional 247,673 shares during the period. 99.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on RRX. The Goldman Sachs Group lowered their price target on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. KeyCorp decreased their price objective on shares of Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Barclays raised their price objective on shares of Regal Rexnord from $155.00 to $160.00 and gave the stock an "overweight" rating in a report on Monday. Oppenheimer decreased their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating for the company in a report on Friday, February 7th. Finally, Citigroup raised their price target on shares of Regal Rexnord from $110.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $171.25.

Regal Rexnord Stock Up 0.1%

RRX traded up $0.16 on Tuesday, reaching $145.21. 953,705 shares of the company traded hands, compared to its average volume of 564,815. The stock's 50 day moving average price is $112.31 and its 200-day moving average price is $142.03. Regal Rexnord Co. has a 52-week low of $90.56 and a 52-week high of $185.28. The company has a market cap of $9.63 billion, a price-to-earnings ratio of 49.22, a PEG ratio of 1.37 and a beta of 1.11. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly 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 the consensus estimate of $1.38 billion. Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. The firm's quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.00 EPS. On average, sell-side analysts expect that Regal Rexnord Co. will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Monday, June 30th. Regal Rexnord's dividend payout ratio is presently 39.89%.

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.