California State Teachers Retirement System Has $13.66 Million Holdings in Regal Rexnord Corporation $RRX

Key Points

• California State Teachers Retirement System increased its Regal Rexnord stake by 21.7% in the first quarter, bringing its holdings to 72,969 shares valued at approximately $13.66 million. Institutional investors collectively own 99.72% of the company.
• Regal Rexnord exceeded quarterly expectations, reporting $2.17 in EPS and $1.48 billion in revenue, with revenue up 4.3% year over year. Analysts maintain a “Moderate Buy” consensus rating and an average price target of $247.
• Company insiders sold 30,305 shares worth about $6.34 million during the last quarter, while Regal Rexnord announced a $0.35 quarterly dividend, equal to a $1.40 annualized payout and a 0.7% yield.

California State Teachers Retirement System boosted its stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 21.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,969 shares of the company's stock after purchasing an additional 13,026 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Regal Rexnord worth $13,664,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in RRX. AQR Capital Management LLC raised its position in shares of Regal Rexnord by 208.1% in the 1st quarter. AQR Capital Management LLC now owns 17,747 shares of the company's stock valued at $2,011,000 after acquiring an additional 11,987 shares during the period. Jones Financial Companies Lllp increased its stake in Regal Rexnord by 91.6% in the first quarter. Jones Financial Companies Lllp now owns 617 shares of the company's stock valued at $70,000 after purchasing an additional 295 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in Regal Rexnord by 135.1% in 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. Cetera Investment Advisers raised its holdings in Regal Rexnord by 6.7% in the second quarter. Cetera Investment Advisers now owns 3,116 shares of the company's stock worth $452,000 after purchasing an additional 196 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Regal Rexnord during the second quarter worth $4,759,000. Institutional investors and hedge funds own 99.72% of the company's stock.

Insiders Place Their Bets

In other news, CEO Louis V. Pinkham sold 22,509 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the completion of the transaction, the chief executive officer directly owned 56,749 shares of the company's stock, valued at $12,012,628.32. This trade represents a 28.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Rehard sold 6,499 shares of Regal Rexnord stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the completion of the sale, the chief financial officer owned 27,965 shares in the company, valued at $5,593,000. This trade represents a 18.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,305 shares of company stock valued at $6,341,869 in the last quarter. 0.63% of the stock is currently owned by insiders.

Regal Rexnord Price Performance

RRX stock opened at $205.42 on Monday. The stock has a 50-day moving average price of $213.18 and a two-hundred day moving average price of $201.77. Regal Rexnord Corporation has a 1 year low of $127.96 and a 1 year high of $247.80. The stock has a market cap of $13.68 billion, a PE ratio of 47.77, a price-to-earnings-growth ratio of 1.36 and a beta of 1.09. The company has a current ratio of 2.17, a quick ratio of 1.08 and a debt-to-equity ratio of 0.69.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $2.17 EPS for the quarter, beating analysts' consensus estimates of $2.11 by $0.06. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.15 earnings per share. Equities analysts forecast that Regal Rexnord Corporation will post 10.65 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 30th will be paid a $0.35 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 0.7%. Regal Rexnord's payout ratio is presently 32.56%.

Analyst Upgrades and Downgrades

RRX has been the topic of several recent analyst reports. Citigroup lifted their target price on Regal Rexnord from $240.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. UBS Group set a $260.00 price target on Regal Rexnord in a report on Monday, June 15th. KeyCorp lifted their price objective on Regal Rexnord from $255.00 to $265.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Oppenheimer reiterated an "outperform" rating on shares of Regal Rexnord in a research report on Friday, July 10th. Finally, Wolfe Research set a $250.00 target price on Regal Rexnord in a research note on Thursday, July 9th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $247.00.

Regal Rexnord 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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