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

Bank of America Corp DE reduced its position in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 26.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 165,781 shares of the company's stock after selling 58,575 shares during the quarter. Bank of America Corp DE owned 0.25% of Regal Rexnord worth $25,718,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Regal Rexnord by 472.4% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company's stock valued at $25,000 after acquiring an additional 137 shares in the last quarter. Bernard Wealth Management Corp. bought a new stake in Regal Rexnord in the fourth quarter worth $30,000. Aster Capital Management DIFC Ltd bought a new stake in Regal Rexnord in the fourth quarter worth $33,000. Tobam bought a new stake in Regal Rexnord in the fourth quarter worth $45,000. Finally, Jones Financial Companies Lllp boosted its holdings in Regal Rexnord by 90.5% in the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock worth $50,000 after purchasing an additional 153 shares in the last quarter. 99.72% of the stock is owned by institutional investors and hedge funds.

Regal Rexnord Trading Down 0.3%

RRX stock traded down $0.42 during midday trading on Friday, reaching $134.58. The company's stock had a trading volume of 531,130 shares, compared to its average volume of 574,410. The business's 50-day simple moving average is $116.02 and its 200-day simple moving average is $140.56. The stock has a market cap of $8.93 billion, a PE ratio of 45.62, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. Regal Rexnord Co. has a 52 week low of $90.56 and a 52 week high of $185.28. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly 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 for 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 quarterly revenue was down 8.4% compared to the same quarter last year. During the same period last year, the firm posted $2.00 earnings per share. As a group, sell-side analysts expect that Regal Rexnord Co. will post 9.95 EPS for the current year.

Regal Rexnord Dividend Announcement

The business 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. The ex-dividend date is Monday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.04%. Regal Rexnord's payout ratio is 39.89%.

Insider Buying and Selling

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of Regal Rexnord stock in a transaction on 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 sale, the chief executive officer now directly owns 175,954 shares in the company, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.82% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on RRX. Citigroup upped their price objective on shares of Regal Rexnord from $110.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. The Goldman Sachs Group dropped 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. KeyCorp dropped their price objective on shares of Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Robert W. Baird raised their price objective on shares of Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Finally, Barclays raised their price objective on shares of Regal Rexnord from $155.00 to $160.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $171.25.

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.