Amundi Trims Position in Regal Rexnord Corporation $RRX

Key Points

• Amundi reduced its Regal Rexnord stake by 8.4% in the first quarter, selling 8,589 shares and retaining 94,226 shares valued at approximately $17.6 million. Institutional investors collectively own 99.72% of the company.
• Analyst sentiment remains favorable, with eight Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $247. Deutsche Bank initiated coverage with a $286 target, while Citigroup raised its target to $260.
• Regal Rexnord exceeded quarterly expectations, reporting $2.17 in EPS and $1.48 billion in revenue, up 4.3% year over year. The company also declared a quarterly dividend of $0.35 per share, representing a 0.6% yield.

Amundi decreased its stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 8.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,226 shares of the company's stock after selling 8,589 shares during the quarter. Amundi owned approximately 0.14% of Regal Rexnord worth $17,645,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position in Regal Rexnord by 60.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 242 shares of the company's stock valued at $45,000 after acquiring an additional 91 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Regal Rexnord by 21.7% during the 1st quarter. California State Teachers Retirement System now owns 72,969 shares of the company's stock worth $13,664,000 after acquiring an additional 13,026 shares in the last quarter. Royal Bank of Canada lifted its position in Regal Rexnord by 54.5% during the first quarter. Royal Bank of Canada now owns 72,038 shares of the company's stock valued at $13,489,000 after acquiring an additional 25,422 shares during the last quarter. Infrastructure Capital Advisors LLC purchased a new stake in Regal Rexnord during the first quarter valued at approximately $270,000. Finally, Maverick Capital Ltd. acquired a new stake in Regal Rexnord in the first quarter valued at approximately $1,381,000. 99.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Robin A. Walker-Lee sold 1,297 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $213.85, for a total value of $277,363.45. Following the completion of the transaction, the director directly owned 5,503 shares of the company's stock, valued at approximately $1,176,816.55. This represents a 19.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert Rehard sold 6,499 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $200.00, for a total value of $1,299,800.00. Following the completion of the sale, the chief financial officer owned 27,965 shares of the company's stock, valued at $5,593,000. This trade represents a 18.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 30,305 shares of company stock worth $6,341,869. 0.63% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Weiss Ratings restated a "hold (c)" rating on shares of Regal Rexnord in a research note on Friday, July 17th. Wall Street Zen downgraded Regal Rexnord from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 18th. Deutsche Bank Aktiengesellschaft initiated coverage on Regal Rexnord in a research note on Monday, July 20th. They set a "buy" rating and a $286.00 price target on the stock. Citigroup increased their price objective on shares of Regal Rexnord from $240.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Finally, Wolfe Research set a $250.00 target price on shares of Regal Rexnord in a research note on Thursday, July 9th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $247.00.

Regal Rexnord Price Performance

Shares of NYSE RRX opened at $220.21 on Wednesday. The stock has a market capitalization of $14.66 billion, a price-to-earnings ratio of 51.21, a PEG ratio of 1.40 and a beta of 1.09. Regal Rexnord Corporation has a 12 month low of $127.96 and a 12 month high of $247.80. The firm's 50 day simple moving average is $213.60 and its 200-day simple moving average is $202.63. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.17 and a quick ratio of 1.08.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.06. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.43 billion. During the same period in the previous year, the business posted $2.15 EPS. The business's revenue was up 4.3% compared to the same quarter last year. Analysts expect that Regal Rexnord Corporation will post 10.65 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 30th. Regal Rexnord's payout ratio is presently 32.56%.

Regal Rexnord Company Profile

Regal Rexnord Corporation NYSE: RRX is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company's operations are organized into multiple business segments that address distinct customer needs.

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