CenterBook Partners LP Makes New $1.82 Million Investment in Regal Rexnord Corporation $RRX

Key Points

• CenterBook Partners opened a new position in Regal Rexnord, buying 11,711 shares valued at approximately $1.82 million. Institutional investors and hedge funds collectively own 99.72% of the stock.
• Regal Rexnord beat quarterly expectations, reporting EPS of $2.90 versus $2.65 expected and revenue of $1.59 billion, up 6.1% year over year.
• Analysts give the stock a consensus “Moderate Buy” rating, with an average price target of $231.33; the company also declared a quarterly dividend of $0.35 per share.

CenterBook Partners LP purchased a new position in Regal Rexnord Corporation (NYSE:RRX - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,711 shares of the company's stock, valued at approximately $1,816,000.

A number of other large investors also recently modified their holdings of the business. Calamos Advisors LLC increased its stake in Regal Rexnord by 732.3% during the 3rd quarter. Calamos Advisors LLC now owns 258,000 shares of the company's stock valued at $40,018,000 after buying an additional 227,000 shares during the period. Kestra Advisory Services LLC increased its position in shares of Regal Rexnord by 0.9% during the 3rd quarter. Kestra Advisory Services LLC now owns 15,625 shares of the company's stock valued at $2,424,000 after purchasing an additional 135 shares during the period. Chicago Partners Investment Group LLC bought a new stake in shares of Regal Rexnord in the 3rd quarter worth $349,000. Westhampton Capital LLC raised its stake in shares of Regal Rexnord by 3.6% in the 3rd quarter. Westhampton Capital LLC now owns 16,730 shares of the company's stock worth $2,595,000 after buying an additional 575 shares in the last quarter. Finally, Associated Banc Corp acquired a new stake in shares of Regal Rexnord in the third quarter valued at $412,000. 99.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RRX has been the subject of several research reports. Oppenheimer decreased their target price on Regal Rexnord from $245.00 to $200.00 and set an "outperform" rating for the company in a research note on Thursday, October 8th. The Goldman Sachs Group set a $216.00 target price on Regal Rexnord in a report on Wednesday, September 30th. KeyCorp dropped their price target on shares of Regal Rexnord from $265.00 to $240.00 and set an "overweight" rating on the stock in a research report on Thursday, August 6th. Citigroup upped their price target on shares of Regal Rexnord from $200.00 to $210.00 and gave the company a "buy" rating in a report on Wednesday, November 4th. Finally, JPMorgan Chase & Co. cut their price target on shares of Regal Rexnord from $240.00 to $196.00 and set an "overweight" rating for the company in a report on Friday, October 9th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $231.33.

Regal Rexnord Stock Performance

Shares of RRX opened at $169.06 on Monday. The company has a 50-day moving average of $158.26 and a two-hundred day moving average of $189.57. The stock has a market cap of $11.26 billion, a price-to-earnings ratio of 48.86, a PEG ratio of 1.30 and a beta of 1.09. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.21 and a quick ratio of 1.15. Regal Rexnord Corporation has a one year low of $127.96 and a one year high of $247.80.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $2.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.65 by $0.25. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.56 billion. Regal Rexnord had a net margin of 3.77% and a return on equity of 10.28%. The firm's revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.51 earnings per share. On average, equities research analysts expect that Regal Rexnord Corporation will post 10.73 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 14th. Investors of record on Thursday, December 31st will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Regal Rexnord's dividend payout ratio (DPR) is presently 40.46%.

About Regal Rexnord

Regal Rexnord Corporation designs, manufactures and sells products and systems that transmit power, control motion and move materials. Its offerings include electric motors, gear drives, bearings, couplings, clutches, brakes, conveyor components and automation technologies.

The company serves customers in a range of industries, including industrial manufacturing, food and beverage, energy, commercial buildings and residential applications. Its products are used in equipment and systems such as factory machinery, conveyors, HVAC systems and material-handling operations.

Regal Rexnord was formed in 2021 through the combination of Regal Beloit Corporation and Rexnord Corporation's Process & Motion Control business.

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