Institute for Wealth Management LLC. Takes Position in Regal Rexnord Corporation (NYSE:RRX)

Institute for Wealth Management LLC. acquired a new stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,304 shares of the company's stock, valued at approximately $376,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RRX. CIBC Asset Management Inc lifted its holdings in Regal Rexnord by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 2,061 shares of the company's stock worth $320,000 after buying an additional 101 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Regal Rexnord by 22.4% in the fourth quarter. Handelsbanken Fonder AB now owns 19,114 shares of the company's stock valued at $2,965,000 after purchasing an additional 3,500 shares during the period. Hudson Edge Investment Partners Inc. increased its holdings in shares of Regal Rexnord by 50.3% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 4,790 shares of the company's stock valued at $743,000 after purchasing an additional 1,602 shares during the period. Wealthspire Advisors LLC grew its holdings in Regal Rexnord by 6.3% during the fourth quarter. Wealthspire Advisors LLC now owns 2,443 shares of the company's stock worth $379,000 after acquiring an additional 144 shares during the period. Finally, FourThought Financial Partners LLC acquired a new position in Regal Rexnord during the fourth quarter worth $218,000. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Louis V. Pinkham sold 10,593 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the completion of the sale, the chief executive officer now directly owns 175,954 shares of the company's stock, valued at $24,691,624.82. This represents a 5.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.82% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on RRX shares. 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. The Goldman Sachs Group lowered their price target on Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. KeyCorp cut their price target on shares of Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Barclays lifted their price objective on Regal Rexnord from $155.00 to $160.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Finally, Wall Street Zen upgraded Regal Rexnord from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $171.25.

Regal Rexnord Stock Up 1.1%

RRX stock traded up $1.58 during midday trading on Monday, hitting $141.26. 546,172 shares of the company's stock were exchanged, compared to its average volume of 582,311. Regal Rexnord Corporation has a 12-month low of $90.56 and a 12-month high of $185.28. The company has a current ratio of 2.26, a quick ratio of 1.21 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $9.37 billion, a price-to-earnings ratio of 40.25, a price-to-earnings-growth ratio of 1.43 and a beta of 1.16. The firm has a 50 day moving average price of $127.84 and a 200-day moving average price of $135.00.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $2.15 EPS for the quarter, topping analysts' consensus estimates 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 9.67% and a net margin of 3.96%. The firm's revenue was down 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.00 EPS. On average, analysts anticipate that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 0.99%. Regal Rexnord's dividend payout ratio (DPR) is presently 39.89%.

Regal Rexnord Company 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.