Aigen Investment Management LP Purchases New Stake in Regal Rexnord Corporation $RRX

Key Points

• Aigen Investment Management LP has acquired 2,719 shares of Regal Rexnord Corporation, valued at approximately $310,000, during the 1st quarter of the year.
• Analysts hold a positive outlook for Regal Rexnord, with eight analysts giving it a 'buy' rating and one issuing a 'strong buy' rating, while the average target price is set at $185.25.
• The company declared a quarterly dividend of $0.35, which will be paid on October 14th, offering an annual yield of 0.9%.

Aigen Investment Management LP purchased a new position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,719 shares of the company's stock, valued at approximately $310,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Kovitz Investment Group Partners LLC raised its holdings in Regal Rexnord by 3.8% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 2,382 shares of the company's stock worth $370,000 after acquiring an additional 87 shares in the last quarter. Advisory Research Inc. increased its position in shares of Regal Rexnord by 1.5% during the 4th quarter. Advisory Research Inc. now owns 6,710 shares of the company's stock worth $1,041,000 after purchasing an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake 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 worth $1,543,000 after purchasing an additional 100 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of Regal Rexnord by 3.6% in the 1st quarter. Cetera Investment Advisers now owns 2,920 shares of the company's stock valued at $332,000 after buying an additional 102 shares during the last quarter. Finally, Greenleaf Trust grew its stake in shares of Regal Rexnord by 2.1% in the first quarter. Greenleaf Trust now owns 5,187 shares of the company's stock valued at $591,000 after buying an additional 105 shares in the last quarter. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Stock Performance

NYSE:RRX traded up $0.65 during mid-day trading on Monday, hitting $146.23. 196,580 shares of the stock were exchanged, compared to its average volume of 764,382. The firm's 50-day simple moving average is $147.25 and its 200 day simple moving average is $132.10. The stock has a market capitalization of $9.71 billion, a price-to-earnings ratio of 38.89, a price-to-earnings-growth ratio of 1.47 and a beta of 1.18. Regal Rexnord Corporation has a fifty-two week low of $90.56 and a fifty-two week high of $185.28. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 2.00.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.06. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter last year, the business earned $2.29 EPS. The company's quarterly revenue was down 3.3% compared to the same quarter last year. As a group, equities analysts anticipate that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. Regal Rexnord's dividend payout ratio is currently 37.23%.

Analyst Ratings Changes

Several analysts have issued reports on RRX shares. Robert W. Baird upped their price target on shares of Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Wall Street Zen cut shares of Regal Rexnord from a "strong-buy" rating to a "buy" rating in a report on Saturday. The Goldman Sachs Group raised their target price on shares of Regal Rexnord from $173.00 to $195.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. KeyCorp set a $180.00 price target on Regal Rexnord and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Barclays raised their price objective on Regal Rexnord from $160.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $185.25.

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.