Allspring Global Investments Holdings LLC Increases Position in Regal Rexnord Corporation (NYSE:RRX)

Allspring Global Investments Holdings LLC increased its stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 4.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 457,290 shares of the company's stock after acquiring an additional 17,974 shares during the period. Allspring Global Investments Holdings LLC owned about 0.69% of Regal Rexnord worth $52,460,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ grew its position in Regal Rexnord by 472.4% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company's stock worth $25,000 after acquiring an additional 137 shares in the last quarter. Bernard Wealth Management Corp. purchased a new stake in Regal Rexnord during the fourth quarter valued at about $30,000. Aster Capital Management DIFC Ltd purchased a new stake in Regal Rexnord during the fourth quarter valued at about $33,000. Golden State Wealth Management LLC boosted its position in Regal Rexnord by 106.2% during the first quarter. Golden State Wealth Management LLC now owns 268 shares of the company's stock valued at $31,000 after buying an additional 138 shares during the period. Finally, Jones Financial Companies Lllp boosted its position in Regal Rexnord by 90.5% during the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock valued at $50,000 after buying an additional 153 shares during the period. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 10,593 shares of the 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 completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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 company an "outperform" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group cut 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. Wall Street Zen upgraded shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Citigroup restated a "buy" rating and set a $165.00 price target (up from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Finally, KeyCorp set a $180.00 price target on shares of Regal Rexnord and gave the company an "overweight" rating in a research report on Thursday. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $180.63.

Regal Rexnord Stock Performance

Regal Rexnord stock opened at $146.69 on Monday. 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 firm has a 50-day moving average of $131.67 and a 200-day moving average of $134.33. The firm has a market cap of $9.73 billion, a P/E ratio of 41.79, a P/E/G ratio of 1.48 and a beta of 1.16. Regal Rexnord Corporation has a 1-year low of $90.56 and a 1-year high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.82 by $0.33. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.38 billion. Regal Rexnord had a net margin of 3.96% and a return on equity of 9.67%. Regal Rexnord's revenue for the quarter was down 8.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.00 earnings per share. Sell-side analysts expect that Regal Rexnord Corporation 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 paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Monday, June 30th. Regal Rexnord's payout ratio is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.