Regents Gate Capital LLP Purchases New Position in Regal Rexnord Corporation (NYSE:RRX)

Regents Gate Capital LLP acquired a new stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 19,422 shares of the company's stock, valued at approximately $2,211,000.

Several other hedge funds also recently modified their holdings of the company. Greenleaf Trust boosted its holdings in shares of Regal Rexnord by 2.1% during the 1st quarter. Greenleaf Trust now owns 5,187 shares of the company's stock valued at $591,000 after acquiring an additional 105 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Regal Rexnord by 0.7% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,549 shares of the company's stock valued at $1,543,000 after acquiring an additional 100 shares in the last quarter. Teacher Retirement System of Texas raised its position in Regal Rexnord by 95.1% during the 1st quarter. Teacher Retirement System of Texas now owns 15,842 shares of the company's stock worth $1,804,000 after purchasing an additional 7,724 shares during the last quarter. Hudson Edge Investment Partners Inc. raised its position in Regal Rexnord by 45.1% during the 1st quarter. Hudson Edge Investment Partners Inc. now owns 6,951 shares of the company's stock worth $791,000 after purchasing an additional 2,161 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Regal Rexnord by 4.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 457,290 shares of the company's stock worth $52,460,000 after purchasing an additional 17,974 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.

Regal Rexnord Stock Up 0.1%

Regal Rexnord stock traded up $0.18 during midday trading on Friday, hitting $151.86. 526,697 shares of the stock were exchanged, compared to its average volume of 600,339. Regal Rexnord Corporation has a 52-week low of $90.56 and a 52-week high of $185.28. The stock has a market capitalization of $10.07 billion, a price-to-earnings ratio of 43.26, a price-to-earnings-growth ratio of 1.54 and a beta of 1.17. The business's 50-day moving average price is $140.63 and its 200-day moving average price is $133.82. The company has a quick ratio of 1.21, a current ratio of 2.26 and a debt-to-equity ratio of 0.82.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.33. The firm had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.38 billion. Regal Rexnord had a net margin of 3.96% and a return on equity of 9.67%. The company's quarterly revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.00 earnings per share. On average, research analysts expect that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date is Monday, June 30th. Regal Rexnord's payout ratio is 39.89%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RRX. Citigroup reaffirmed a "buy" rating and set a $165.00 target price (up from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. The Goldman Sachs Group raised their target price on Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research report on Tuesday. Barclays raised their target price on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday. KeyCorp set a $180.00 target price on Regal Rexnord and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Wall Street Zen raised Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $185.25.

Insiders Place Their Bets

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $140.33, for a total value of $1,486,515.69. Following the transaction, the chief executive officer directly owned 175,954 shares in the company, valued at $24,691,624.82. The trade was a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.82% of the stock is currently owned by insiders.

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.