CenterBook Partners LP Cuts Holdings in Regal Rexnord Corporation (NYSE:RRX)

CenterBook Partners LP reduced its position in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 87.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,257 shares of the company's stock after selling 21,766 shares during the quarter. CenterBook Partners LP's holdings in Regal Rexnord were worth $371,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Diamond Hill Capital Management Inc. raised its position in Regal Rexnord by 6.0% in the first quarter. Diamond Hill Capital Management Inc. now owns 3,083,622 shares of the company's stock valued at $351,070,000 after purchasing an additional 175,273 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Regal Rexnord by 4.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,882,369 shares of the company's stock worth $328,158,000 after acquiring an additional 115,564 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Regal Rexnord by 11.9% during the first quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company's stock worth $277,435,000 after acquiring an additional 259,885 shares during the last quarter. Norges Bank purchased a new stake in shares of Regal Rexnord during the fourth quarter worth about $235,188,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Regal Rexnord by 3.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,332,621 shares of the company's stock worth $206,729,000 after acquiring an additional 42,704 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RRX has been the topic of a number of analyst reports. Citigroup reaffirmed a "buy" rating and set a $165.00 target price (up from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Robert W. Baird lifted their target price on Regal Rexnord from $167.00 to $172.00 and gave the company 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. The Goldman Sachs Group lifted their target price on Regal Rexnord from $173.00 to $195.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Finally, Barclays lifted their target price on Regal Rexnord from $160.00 to $165.00 and gave the company an "overweight" rating in a research note 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 company's stock. Based on data from MarketBeat, Regal Rexnord currently has a consensus rating of "Buy" and an average target price of $185.25.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 10,593 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer owned 175,954 shares of the company's stock, valued at $24,691,624.82. The trade was a 5.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.82% of the stock is currently owned by insiders.

Regal Rexnord Stock Performance

Shares of RRX traded up $0.41 during mid-day trading on Friday, reaching $152.73. 229,454 shares of the company's stock traded hands, compared to its average volume of 602,154. The business's 50-day moving average price is $142.48 and its 200-day moving average price is $133.73. The stock has a market capitalization of $10.13 billion, a P/E ratio of 43.55, a price-to-earnings-growth ratio of 1.48 and a beta of 1.17. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.21 and a current ratio of 2.26. Regal Rexnord Corporation has a 12 month low of $90.56 and a 12 month high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.33. The company had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.38 billion. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. The business's revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.00 earnings per share. Equities analysts predict that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 14th. Investors of record on Monday, June 30th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.40 annualized dividend and a yield of 0.92%. Regal Rexnord's payout ratio is 39.89%.

Regal Rexnord 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.

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