Regal Rexnord Corporation (NYSE:RRX) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 3.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 496,294 shares of the company's stock after selling 15,695 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.75% of Regal Rexnord worth $56,503,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in RRX. Norges Bank purchased a new position in shares of Regal Rexnord during the 4th quarter worth $235,188,000. Nuveen Asset Management LLC lifted its stake in shares of Regal Rexnord by 79.8% during the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company's stock worth $139,569,000 after purchasing an additional 399,267 shares during the period. Cartenna Capital LP purchased a new position in shares of Regal Rexnord during the 4th quarter worth $55,900,000. Alyeska Investment Group L.P. lifted its stake 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 worth $62,060,000 after purchasing an additional 323,904 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Regal Rexnord by 56.8% during the 4th quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock worth $106,106,000 after purchasing an additional 247,673 shares during the period. Hedge funds and other institutional investors own 99.72% of the company's stock.

Regal Rexnord Stock Up 0.1%

NYSE:RRX traded up $0.18 during mid-day trading on Friday, hitting $151.86. The company had a trading volume of 526,697 shares, compared to its average volume of 600,339. The business has a fifty day simple moving average of $140.63 and a 200-day simple moving average of $133.82. The company has a current ratio of 2.26, a quick ratio of 1.21 and a debt-to-equity ratio of 0.82. 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 $10.07 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 1.54 and a beta of 1.17.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $2.15 EPS for the quarter, beating the consensus estimate of $1.82 by $0.33. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the company posted $2.00 earnings per share. The firm's revenue was down 8.4% compared to the same quarter last year. Equities analysts forecast that Regal Rexnord Corporation will post 9.95 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 Monday, July 14th. Shareholders of record on Monday, June 30th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.92%. The ex-dividend date is Monday, June 30th. Regal Rexnord's dividend payout ratio (DPR) is presently 39.89%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Citigroup reissued a "buy" rating and set a $165.00 price target (up previously from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Barclays increased their target price on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday. The Goldman Sachs Group increased 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. KeyCorp set a $180.00 target price on Regal Rexnord and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Robert W. Baird increased their target price on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $185.25.

Insider Buying and Selling at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was 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 directly owned 175,954 shares in the company, valued at $24,691,624.82. This trade 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. 0.82% of the stock is owned by corporate insiders.

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.