Bank of America Corp DE Has $25.72 Million Holdings in Regal Rexnord Co. (NYSE:RRX)

Bank of America Corp DE cut its position in Regal Rexnord Co. (NYSE:RRX - Free Report) by 26.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 165,781 shares of the company's stock after selling 58,575 shares during the period. Bank of America Corp DE owned 0.25% of Regal Rexnord worth $25,718,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ boosted 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 valued at $25,000 after buying an additional 137 shares in the last quarter. Bernard Wealth Management Corp. acquired a new position in Regal Rexnord in the fourth quarter valued at about $30,000. Aster Capital Management DIFC Ltd acquired a new position in Regal Rexnord in the fourth quarter valued at about $33,000. Tobam acquired a new position in Regal Rexnord in the fourth quarter valued at about $45,000. Finally, Jones Financial Companies Lllp boosted its position in Regal Rexnord by 90.5% in 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 in the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of the stock in a transaction on 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 sale, the chief executive officer now 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RRX shares. The Goldman Sachs Group dropped their target price on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Robert W. Baird upped their target price on shares of Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. StockNews.com lowered shares of Regal Rexnord from a "buy" rating to a "hold" rating in a research report on Wednesday, April 16th. Oppenheimer reduced their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. Finally, Barclays upped their target price on shares of Regal Rexnord from $155.00 to $160.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $171.25.

Regal Rexnord Trading Up 1.3%

RRX opened at $141.52 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25. The company has a market cap of $9.39 billion, a price-to-earnings ratio of 47.97, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The firm has a 50 day simple moving average of $114.03 and a 200 day simple moving average of $141.45. Regal Rexnord Co. has a fifty-two week low of $90.56 and a fifty-two week high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.82 by $0.33. The firm had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.38 billion. Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. The business's revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.00 earnings per share. On average, sell-side analysts anticipate that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 14th. Investors of record on Monday, June 30th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date is Monday, June 30th. Regal Rexnord's dividend payout ratio is currently 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.

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