Bank of New York Mellon Corp Has $119.56 Million Holdings in Regal Rexnord Corporation $RRX

Key Points

• Bank of New York Mellon increased its stake in Regal Rexnord by 6.9% in the fourth quarter, holding 852,079 shares worth about $119.6 million at the end of the reporting period.
• Analyst sentiment remains positive, with six Buy ratings and three Hold ratings; the stock’s average price target is $232.25, while JPMorgan and Citigroup recently raised their targets to $240.
• Regal Rexnord reported better-than-expected quarterly results, with EPS of $2.17 and revenue of $1.48 billion, and it also announced a quarterly dividend of $0.35 per share to be paid July 14.

Bank of New York Mellon Corp increased its position in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 6.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 852,079 shares of the company's stock after purchasing an additional 55,043 shares during the period. Bank of New York Mellon Corp owned about 1.28% of Regal Rexnord worth $119,564,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RRX. Covestor Ltd boosted its position in shares of Regal Rexnord by 81.6% in the fourth quarter. Covestor Ltd now owns 178 shares of the company's stock worth $25,000 after buying an additional 80 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of Regal Rexnord in the 3rd quarter valued at about $27,000. Garner Asset Management Corp purchased a new stake in shares of Regal Rexnord in the fourth quarter worth approximately $27,000. IFP Advisors Inc lifted its position in shares of Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company's stock worth $27,000 after purchasing an additional 49 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Regal Rexnord by 135.1% during the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company's stock worth $25,000 after purchasing an additional 127 shares during the period. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RRX has been the topic of several research reports. Wall Street Zen lowered shares of Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 28th. Weiss Ratings reissued a "hold (c)" rating on shares of Regal Rexnord in a research note on Tuesday, April 21st. JPMorgan Chase & Co. boosted their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Citigroup upped their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock a "buy" rating in a research note on Monday, April 13th. Finally, The Goldman Sachs Group lifted their price objective on Regal Rexnord from $170.00 to $230.00 and gave the company a "buy" rating in a research report on Monday, February 9th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Regal Rexnord currently has an average rating of "Moderate Buy" and an average price target of $232.25.

Regal Rexnord Price Performance

NYSE RRX opened at $205.14 on Monday. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $13.66 billion, a PE ratio of 47.71, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11. Regal Rexnord Corporation has a 12-month low of $127.96 and a 12-month high of $236.35. The company has a 50 day moving average price of $202.87 and a two-hundred day moving average price of $182.03.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, beating analysts' consensus estimates of $2.11 by $0.06. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the firm earned $2.15 EPS. Regal Rexnord's revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities analysts predict that Regal Rexnord Corporation will post 10.63 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. Regal Rexnord's dividend payout ratio is currently 32.56%.

Insider Activity at Regal Rexnord

In related news, Director Robin A. Walker-Lee sold 1,297 shares of the business's stock in a transaction that occurred 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 sale, the director directly owned 5,503 shares in the company, valued at approximately $1,176,816.55. The trade was a 19.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert Rehard sold 6,499 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $200.00, for a total value of $1,299,800.00. Following the sale, the chief financial officer directly owned 27,965 shares of the company's stock, valued at $5,593,000. The trade was a 18.86% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 30,305 shares of company stock valued at $6,341,869. Corporate insiders own 0.63% of the company's stock.

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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