Bank of New York Mellon Corp Cuts Holdings in Regal Rexnord Corporation (NYSE:RRX)

Bank of New York Mellon Corp lessened its stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 3.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 496,294 shares of the company's stock after selling 15,695 shares during the quarter. Bank of New York Mellon Corp owned about 0.75% of Regal Rexnord worth $56,503,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. purchased a new stake in Regal Rexnord in the 4th quarter valued at about $1,427,000. JPMorgan Chase & Co. increased its position in shares of Regal Rexnord by 56.8% during the fourth quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock worth $106,106,000 after acquiring an additional 247,673 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Regal Rexnord by 16.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,844 shares of the company's stock worth $2,613,000 after purchasing an additional 2,414 shares during the last quarter. Atria Investments Inc lifted its stake in Regal Rexnord by 48.9% during the fourth quarter. Atria Investments Inc now owns 2,310 shares of the company's stock worth $358,000 after purchasing an additional 759 shares during the last quarter. Finally, Norges Bank acquired a new position in Regal Rexnord in the fourth quarter worth $235,188,000. Hedge funds and other institutional investors own 99.72% of the company's stock.

Insider Buying and Selling 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 value of $1,486,515.69. Following the completion of the sale, the chief executive officer directly owned 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 document filed with the SEC, which is available at this hyperlink. 0.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RRX shares. Robert W. Baird upped 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. Barclays lifted their price objective on shares of 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 raised shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Citigroup reissued a "buy" rating and issued a $165.00 price target (up from $145.00) on shares of Regal Rexnord in a report on Tuesday, June 24th. 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 analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Regal Rexnord has an average rating of "Buy" and a consensus target price of $185.25.

Regal Rexnord Price Performance

NYSE:RRX traded up $0.34 during trading hours on Wednesday, hitting $145.97. 804,577 shares of the company's stock traded hands, compared to its average volume of 603,093. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $185.28. The company has a quick ratio of 1.21, a current ratio of 2.26 and a debt-to-equity ratio of 0.82. The firm has a market cap of $9.68 billion, a P/E ratio of 41.59, a P/E/G ratio of 1.48 and a beta of 1.17. The business's fifty day simple moving average is $141.76 and its two-hundred day simple moving average is $133.66.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $2.15 earnings per share 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 firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the company posted $2.00 earnings per share. The business's revenue was down 8.4% on a year-over-year basis. On average, research analysts anticipate 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 was paid on Monday, July 14th. Shareholders of record on Monday, June 30th were paid a dividend of $0.35 per share. The ex-dividend date was Monday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.96%. 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.