D. E. Shaw & Co. Inc. Boosts Stock Position in Regal Rexnord Co. (NYSE:RRX)

D. E. Shaw & Co. Inc. raised its position in Regal Rexnord Co. (NYSE:RRX - Free Report) by 1,869.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,912 shares of the company's stock after purchasing an additional 92,940 shares during the period. D. E. Shaw & Co. Inc. owned about 0.15% of Regal Rexnord worth $15,189,000 at the end of the most recent reporting period.

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

Regal Rexnord Stock Performance

Shares of RRX stock opened at $145.32 on Tuesday. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87. The company has a market cap of $9.64 billion, a PE ratio of 49.26, a P/E/G ratio of 1.37 and a beta of 1.11. The company's fifty day simple moving average is $112.31 and its 200-day simple moving average is $142.03. Regal Rexnord Co. has a 52 week low of $90.56 and a 52 week high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.33. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. The firm's quarterly revenue was down 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.00 EPS. As a group, equities research analysts anticipate that Regal Rexnord Co. will post 9.95 EPS for the current year.

Regal Rexnord Dividend Announcement

The business also recently declared 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 0.96%. The ex-dividend date of this dividend is Monday, June 30th. Regal Rexnord's dividend payout ratio (DPR) is presently 39.89%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. KeyCorp decreased their price target on Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Citigroup raised their target price 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. The Goldman Sachs Group dropped their price target on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Barclays lifted their price target on shares of Regal Rexnord from $155.00 to $160.00 and gave the company an "overweight" rating in a report on Monday. Finally, Robert W. Baird upped their price objective on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $171.25.

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.

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