Commerce Bank Cuts Stock Holdings in Regal Rexnord Corporation (NYSE:RRX)

Key Points

• Commerce Bank reduced its stake in Regal Rexnord Corporation by 3.7% during Q1, owning approximately 0.61% of the company, valued at $46.1 million.
• Analysts have recently upgraded Regal Rexnord's ratings, with Citigroup setting a price target of $165 and the average target price now stands at $185.25.
• Regal Rexnord will pay a quarterly dividend of $0.35 on October 14, 2023, with a current dividend yield of 0.9%.

Commerce Bank trimmed its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 3.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 405,238 shares of the company's stock after selling 15,654 shares during the quarter. Commerce Bank owned approximately 0.61% of Regal Rexnord worth $46,136,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. raised its position in shares of Regal Rexnord by 7.5% in the fourth quarter. Sei Investments Co. now owns 21,366 shares of the company's stock valued at $3,315,000 after buying an additional 1,492 shares during the last quarter. LPL Financial LLC grew its position in shares of Regal Rexnord by 14.2% in the fourth quarter. LPL Financial LLC now owns 32,007 shares of the company's stock valued at $4,965,000 after purchasing an additional 3,982 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Regal Rexnord by 56.8% in the fourth quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock valued at $106,106,000 after purchasing an additional 247,673 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in Regal Rexnord by 13.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 9,323 shares of the company's stock worth $1,446,000 after buying an additional 1,104 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Regal Rexnord in the 4th quarter valued at $747,000. 99.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Citigroup reiterated a "buy" rating and set a $165.00 price target (up previously from $145.00) on shares of Regal Rexnord in a report on Tuesday, June 24th. Wall Street Zen raised shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Barclays upped their price objective on Regal Rexnord from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. The Goldman Sachs Group raised their target price on Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Finally, KeyCorp set a $180.00 target price on Regal Rexnord and gave the company an "overweight" rating in a research report on Thursday, June 26th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Regal Rexnord presently has an average rating of "Buy" and an average target price of $185.25.

Regal Rexnord Stock Down 0.5%

NYSE:RRX opened at $152.90 on Friday. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $185.28. The stock's fifty day moving average is $144.91 and its two-hundred day moving average is $133.66. The stock has a market capitalization of $10.14 billion, a price-to-earnings ratio of 43.56, a price-to-earnings-growth ratio of 1.56 and a beta of 1.17. The company has a quick ratio of 1.21, a current ratio of 2.26 and a debt-to-equity ratio of 0.82.

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

Regal Rexnord Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be issued a $0.35 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. Regal Rexnord's payout ratio is 39.89%.

Insider Buying and Selling at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the sale, the chief executive officer directly owned 175,954 shares in the company, valued at $24,691,624.82. This represents a 5.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.82% of the company's stock.

About Regal Rexnord

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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