Associated Banc Corp Sells 4,500 Shares of Regal Rexnord Corporation (NYSE:RRX)

Key Points

• Associated Banc Corp reduced its stake in Regal Rexnord Corporation by 62.9% in Q1, owning 2,655 shares valued at $302,000 after selling 4,500 shares.
• Regal Rexnord reported an earnings per share (EPS) of $2.48 for the last quarter, beating estimates, while revenue declined 3.3% year-over-year.
• The company announced a quarterly dividend of $0.35 per share, with a 1.0% dividend yield, set to be paid on October 14th.

Associated Banc Corp lowered its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 62.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,655 shares of the company's stock after selling 4,500 shares during the period. Associated Banc Corp's holdings in Regal Rexnord were worth $302,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nuveen Asset Management LLC lifted its position in Regal Rexnord by 79.8% during the fourth quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company's stock valued at $139,569,000 after purchasing an additional 399,267 shares during the last quarter. Cartenna Capital LP bought a new position in shares of Regal Rexnord in the 4th quarter worth $55,900,000. Alyeska Investment Group L.P. raised its position in shares of Regal Rexnord by 425.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company's stock valued at $62,060,000 after buying an additional 323,904 shares in the last quarter. Victory Capital Management Inc. raised 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 buying an additional 259,885 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Regal Rexnord by 313.6% during the 4th quarter. Millennium Management LLC now owns 241,712 shares of the company's stock worth $37,497,000 after acquiring an additional 183,272 shares during the last quarter. Institutional investors own 99.72% of the company's stock.

Insider Transactions at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the completion of the transaction, the chief executive officer directly owned 175,954 shares of the company's stock, valued at approximately $24,691,624.82. This represents a 5.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.82% of the stock is currently owned by company insiders.

Regal Rexnord Trading Down 3.2%

RRX stock traded down $4.63 during trading on Thursday, hitting $141.01. 1,338,977 shares of the company traded hands, compared to its average volume of 914,563. The company has a 50-day moving average of $146.19 and a 200-day moving average of $133.28. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.21 and a current ratio of 2.00. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $185.28. The firm has a market capitalization of $9.35 billion, a PE ratio of 37.50, a P/E/G ratio of 1.48 and a beta of 1.18.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $2.48 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the firm posted $2.29 earnings per share. The business's quarterly revenue was down 3.3% compared to the same quarter last year. Analysts predict that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 30th. Regal Rexnord's dividend payout ratio (DPR) is 37.23%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RRX shares. Barclays increased their target price on Regal Rexnord from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Wall Street Zen upgraded Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. The Goldman Sachs Group boosted their target price on Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Robert W. Baird upped their target price on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Finally, KeyCorp set a $180.00 price target on shares of Regal Rexnord and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target 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.