Comerica Bank Trims Stock Position in Regal Rexnord Corporation $RRX

Key Points

• Comerica Bank trimmed its stake in Regal Rexnord by 76.8% in Q4, selling 194,310 shares and now holds 58,778 shares (about 0.09% of the company, valued at ~$8.25M).
• Insiders have been net sellers, disposing of 53,451 shares worth ~$11.39M over the last quarter, including CFO Robert Rehard and EVP Cheryl Lewis, leaving insiders with 0.63% ownership.
• Mixed financials and analyst outlook: Regal Rexnord slightly beat EPS ($2.51 vs. $2.47) but missed revenue ($1.52B vs. $1.54B), trades around $204 with a $13.6B market cap, and carries a consensus "Moderate Buy" rating with a $229.75 price target; the company also declared a $0.35 quarterly dividend (0.7% yield).

Comerica Bank trimmed its stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 76.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 58,778 shares of the company's stock after selling 194,310 shares during the period. Comerica Bank owned about 0.09% of Regal Rexnord worth $8,248,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geneos Wealth Management Inc. raised its stake 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 acquiring an additional 127 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in shares of Regal Rexnord in the 3rd quarter valued at approximately $27,000. Root Financial Partners LLC purchased a new stake in shares of Regal Rexnord in the 3rd quarter valued at approximately $28,000. SJS Investment Consulting Inc. raised its stake in shares of Regal Rexnord by 95.1% in the 3rd quarter. SJS Investment Consulting Inc. now owns 199 shares of the company's stock valued at $29,000 after acquiring an additional 97 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in Regal Rexnord during the 3rd quarter worth approximately $35,000. 99.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Regal Rexnord news, CFO Robert Rehard sold 7,704 shares of the business's stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $216.72, for a total transaction of $1,669,610.88. Following the completion of the transaction, the chief financial officer owned 34,154 shares in the company, valued at $7,401,854.88. The trade was a 18.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Cheryl Lewis sold 2,262 shares of the business's stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $215.73, for a total transaction of $487,981.26. Following the transaction, the executive vice president owned 13,219 shares of the company's stock, valued at $2,851,734.87. This trade represents a 14.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 53,451 shares of company stock worth $11,386,689. Insiders own 0.63% of the company's stock.

Regal Rexnord Trading Down 2.6%

NYSE RRX opened at $204.08 on Thursday. The company has a quick ratio of 1.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.70. Regal Rexnord Corporation has a 52 week low of $102.23 and a 52 week high of $229.30. The stock has a market capitalization of $13.58 billion, a PE ratio of 48.59, a price-to-earnings-growth ratio of 1.98 and a beta of 1.11. The firm has a 50 day moving average of $200.28 and a two-hundred day moving average of $170.26.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. The company had revenue of $1.52 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the business posted $2.34 EPS. The firm's revenue was up 4.3% on a year-over-year basis. As a group, research analysts expect that Regal Rexnord Corporation will post 10.76 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.7%. The ex-dividend date is Tuesday, June 30th. Regal Rexnord's payout ratio is 33.33%.

Analyst Upgrades and Downgrades

RRX has been the topic of several recent research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Regal Rexnord in a research note on Tuesday, April 21st. Barclays upped 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 shares of Regal Rexnord from $190.00 to $230.00 and gave the stock an "overweight" rating in a research note on Friday, February 6th. Wall Street Zen downgraded shares of Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research note on Tuesday. Finally, KeyCorp upped their target price on shares of Regal Rexnord from $200.00 to $255.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 10th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Regal Rexnord presently has an average rating of "Moderate Buy" and a consensus price target of $229.75.

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.

Want to see what other hedge funds are holding RRX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Regal Rexnord Corporation (NYSE:RRX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.