Bessemer Group Inc. Purchases 894,527 Shares of Regal Rexnord Corporation $RRX

Key Points

• Bessemer Group Inc. dramatically increased its stake in Regal Rexnord, buying 894,527 shares in the first quarter and raising its holdings by 4,155.4% to 916,054 shares worth about $171.5 million.
• Regal Rexnord reported better-than-expected quarterly results, with EPS of $2.17 versus $2.11 expected and revenue of $1.48 billion versus $1.43 billion expected, while revenue rose 4.3% year over year.
• The company paid a quarterly dividend of $0.35 per share, and analysts remain mostly positive with a “Moderate Buy” consensus and an average price target of $243.45.

Bessemer Group Inc. boosted its holdings in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 4,155.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 916,054 shares of the company's stock after buying an additional 894,527 shares during the quarter. Bessemer Group Inc. owned approximately 1.38% of Regal Rexnord worth $171,541,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RRX. Covestor Ltd grew its stake in Regal Rexnord by 81.6% in the 4th quarter. Covestor Ltd now owns 178 shares of the company's stock valued at $25,000 after buying an additional 80 shares during the last quarter. Garner Asset Management Corp acquired a new stake in Regal Rexnord during the fourth quarter worth about $27,000. IFP Advisors Inc boosted its position in shares of Regal Rexnord by 34.0% during the 4th quarter. IFP Advisors Inc now owns 193 shares of the company's stock worth $27,000 after acquiring an additional 49 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Regal Rexnord by 135.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company's stock valued at $25,000 after purchasing an additional 127 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in Regal Rexnord in the third quarter valued at about $35,000. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Trading Down 0.6%

NYSE:RRX opened at $212.04 on Friday. The firm has a 50-day moving average price of $211.91 and a two-hundred day moving average price of $197.20. The firm has a market cap of $14.12 billion, a price-to-earnings ratio of 49.31, a price-to-earnings-growth ratio of 2.00 and a beta of 1.08. Regal Rexnord Corporation has a 52 week low of $127.96 and a 52 week high of $247.80. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 2.17.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.06. The business had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The business's revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.15 earnings per share. On average, equities analysts expect that Regal Rexnord Corporation will post 10.64 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

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

Insider Buying and Selling at Regal Rexnord

In related news, Director Robin A. Walker-Lee sold 1,297 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $213.85, for a total transaction of $277,363.45. Following the sale, the director directly owned 5,503 shares in the company, valued at approximately $1,176,816.55. This represents a 19.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $211.68, for a total value of $4,764,705.12. Following the sale, the chief executive officer owned 56,749 shares in the company, valued at approximately $12,012,628.32. This represents a 28.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,305 shares of company stock worth $6,341,869 over the last ninety days. 0.63% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

RRX has been the topic of a number of research reports. Barclays boosted their target price on shares of Regal Rexnord from $237.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, March 23rd. JPMorgan Chase & Co. upped their target price on Regal Rexnord from $230.00 to $240.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Wolfe Research set a $250.00 price target on Regal Rexnord in a report on Thursday, July 9th. KeyCorp lifted their price objective on shares of Regal Rexnord from $255.00 to $265.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Regal Rexnord in a research report on Tuesday, April 21st. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $243.45.

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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