Bastion Asset Management Inc. Takes Position in Regal Rexnord Corporation (NYSE:RRX)

Key Points

• Bastion Asset Management Inc. has acquired a new position in Regal Rexnord Corporation (NYSE:RRX), purchasing 45,966 shares valued at approximately $5.58 million, marking it as their 6th largest holding.
• Regal Rexnord reported a net margin of 3.96% and earnings per share of $2.15 for the last quarter, exceeding analysts' estimates by $0.33.
• The company has announced a quarterly dividend of $0.35 per share, which will contribute to an annualized dividend of $1.40 and a yield of 0.89%.

Bastion Asset Management Inc. bought a new position in Regal Rexnord Corporation (NYSE:RRX - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 45,966 shares of the company's stock, valued at approximately $5,582,000. Regal Rexnord comprises 3.0% of Bastion Asset Management Inc.'s investment portfolio, making the stock its 6th largest position. Bastion Asset Management Inc. owned about 0.07% of Regal Rexnord as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Bernard Wealth Management Corp. bought a new position in Regal Rexnord in the 4th quarter worth about $30,000. Golden State Wealth Management LLC raised its position in Regal Rexnord by 106.2% in the 1st quarter. Golden State Wealth Management LLC now owns 268 shares of the company's stock worth $31,000 after buying an additional 138 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in Regal Rexnord in the 4th quarter worth about $33,000. Signaturefd LLC raised its position in Regal Rexnord by 25.5% in the 1st quarter. Signaturefd LLC now owns 911 shares of the company's stock worth $104,000 after buying an additional 185 shares during the last quarter. Finally, CWM LLC raised its position in Regal Rexnord by 18.1% in the 1st quarter. CWM LLC now owns 1,011 shares of the company's stock worth $115,000 after buying an additional 155 shares during the last quarter. Institutional investors own 99.72% of the company's stock.

Insider Buying and Selling

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the business's stock in a transaction dated 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 sale, the chief executive officer directly owned 175,954 shares of the company's stock, valued at $24,691,624.82. The trade was a 5.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.82% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RRX. Citigroup restated a "buy" rating and issued a $165.00 price target (up from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. 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 note on Wednesday, May 7th. Wall Street Zen upgraded Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. KeyCorp set a $180.00 target price on Regal Rexnord and gave the company an "overweight" rating in a research note on Thursday, June 26th. Finally, Barclays raised their price target on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $185.25.

Regal Rexnord Stock Up 1.6%

Shares of RRX traded up $2.51 during mid-day trading on Wednesday, reaching $158.70. The company's stock had a trading volume of 726,746 shares, compared to its average volume of 731,170. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year 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 company has a market cap of $10.53 billion, a price-to-earnings ratio of 45.22, a price-to-earnings-growth ratio of 1.62 and a beta of 1.17. The business has a fifty day moving average of $144.53 and a 200 day moving average of $133.52.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its earnings results 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. The business had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.38 billion. Regal Rexnord had a net margin of 3.96% and a return on equity of 9.67%. The firm's revenue was down 8.4% on a year-over-year basis. During the same quarter last year, the company earned $2.00 earnings per share. As a group, analysts forecast 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 will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.88%. Regal Rexnord's dividend payout ratio is 39.89%.

About Regal Rexnord

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.