Allspring Global Investments Holdings LLC Sells 17,838 Shares of Regal Rexnord Corporation $RRX

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in Regal Rexnord Corporation by 3.9%, now owning 439,452 shares worth approximately $64.5 million.
• Analysts have adjusted their price targets for Regal Rexnord, with Goldman Sachs lowering its target from $192 to $170, while Citigroup increased its target from $145 to $165, maintaining a "buy" rating.
• Regal Rexnord recently declared a quarterly dividend of $0.35, representing a 1.0% yield and a payout ratio of 37.23%.

Allspring Global Investments Holdings LLC trimmed its stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 3.9% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 439,452 shares of the company's stock after selling 17,838 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.66% of Regal Rexnord worth $64,468,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of RRX. Nuveen LLC bought a new stake in shares of Regal Rexnord during the 1st quarter valued at $117,996,000. Invesco Ltd. lifted its position in shares of Regal Rexnord by 76.3% during the 1st quarter. Invesco Ltd. now owns 932,829 shares of the company's stock valued at $106,203,000 after acquiring an additional 403,845 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Regal Rexnord by 30.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company's stock valued at $194,955,000 after acquiring an additional 396,737 shares during the period. Victory Capital Management Inc. lifted its position in shares of Regal Rexnord by 11.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company's stock valued at $277,435,000 after acquiring an additional 259,885 shares during the period. Finally, Brandywine Global Investment Management LLC acquired a new position in shares of Regal Rexnord during the 1st quarter worth $25,678,000. 99.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on RRX shares. The Goldman Sachs Group decreased their target price on Regal Rexnord from $192.00 to $170.00 and set a "buy" rating on the stock in a research report on Tuesday, September 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Regal Rexnord in a research report on Wednesday, October 8th. Wall Street Zen cut Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research report on Sunday, September 21st. Citigroup reiterated a "buy" rating and issued a $165.00 target price (up previously from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Finally, KeyCorp decreased their target price on Regal Rexnord from $180.00 to $170.00 and set an "overweight" rating on the stock in a research report on Tuesday. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $180.38.

Regal Rexnord Price Performance

Shares of RRX opened at $143.10 on Wednesday. Regal Rexnord Corporation has a 12-month low of $90.56 and a 12-month high of $185.28. The business has a 50-day simple moving average of $144.98 and a two-hundred day simple moving average of $136.40. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 0.72. The stock has a market cap of $9.50 billion, a PE ratio of 38.06, a PEG ratio of 1.40 and a beta of 1.16.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Friday, September 8th. The company reported $2.76 earnings per share for the quarter. The company had revenue of $1.85 billion during the quarter. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. Analysts anticipate that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th were paid a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. Regal Rexnord's dividend payout ratio is presently 37.23%.

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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