Clearbridge Investments LLC Has $81.95 Million Position in Regal Rexnord Corporation $RRX

Key Points

• Clearbridge Investments trimmed its Regal Rexnord stake by 3.8% in the fourth quarter, but still held 584,025 shares worth about $81.95 million as of its latest SEC filing.
• Two top executives sold shares recently: CFO Robert Rehard sold 6,499 shares and CEO Louis V. Pinkham sold 22,509 shares, with insiders selling a total of 30,305 shares over the last 90 days.
• Regal Rexnord reported strong quarterly results and has a supportive analyst backdrop, with earnings and revenue topping estimates, a quarterly dividend of $0.35 per share, and a consensus rating of Moderate Buy with an average target price of $232.25.

Clearbridge Investments LLC reduced its stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 584,025 shares of the company's stock after selling 22,904 shares during the quarter. Clearbridge Investments LLC owned approximately 0.88% of Regal Rexnord worth $81,950,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in RRX. Covestor Ltd boosted its holdings in shares of Regal Rexnord by 81.6% during the fourth quarter. Covestor Ltd now owns 178 shares of the company's stock worth $25,000 after purchasing an additional 80 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of Regal Rexnord by 135.1% during 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. Aster Capital Management DIFC Ltd acquired a new stake in shares of Regal Rexnord during the third quarter worth approximately $27,000. Garner Asset Management Corp acquired a new stake in shares of Regal Rexnord during the fourth quarter worth approximately $27,000. Finally, IFP Advisors Inc boosted its holdings in shares of Regal Rexnord by 34.0% during the fourth quarter. IFP Advisors Inc now owns 193 shares of the company's stock worth $27,000 after purchasing an additional 49 shares during the period. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, 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 value of $1,299,800.00. Following the transaction, the chief financial officer owned 27,965 shares of the company's stock, valued at $5,593,000. This trade represents a 18.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Louis V. Pinkham sold 22,509 shares of Regal Rexnord 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 in the company, valued at approximately $12,012,628.32. This represents a 28.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,305 shares of company stock valued at $6,341,869 over the last 90 days. 0.63% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on RRX shares. The Goldman Sachs Group raised their price target on shares of Regal Rexnord from $170.00 to $230.00 and gave the stock a "buy" rating in a report on Monday, February 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Regal Rexnord in a research report on Tuesday, April 21st. Citigroup raised their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the company a "buy" rating in a research report on Monday, April 13th. Wall Street Zen lowered shares of Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Regal Rexnord currently has a consensus rating of "Moderate Buy" and an average target price of $232.25.

Regal Rexnord Price Performance

Shares of RRX opened at $210.02 on Tuesday. The firm has a market cap of $13.98 billion, a PE ratio of 48.84, a PEG ratio of 1.92 and a beta of 1.11. The firm's 50 day moving average price is $203.32 and its 200 day moving average price is $182.59. 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 Corporation has a twelve month low of $127.96 and a twelve month high of $236.35.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.06. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The company's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.15 earnings per share. As a group, research analysts expect that Regal Rexnord Corporation will post 10.63 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. Regal Rexnord's dividend payout ratio (DPR) is currently 32.56%.

About Regal Rexnord

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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