Regal Rexnord Corporation (NYSE:RRX) Position Cut by Commerce Bank

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 lessened its holdings in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 3.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 405,238 shares of the company's stock after selling 15,654 shares during the period. Commerce Bank owned 0.61% of Regal Rexnord worth $46,136,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Kovitz Investment Group Partners LLC raised its holdings in Regal Rexnord by 3.8% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 2,382 shares of the company's stock worth $370,000 after purchasing an additional 87 shares during the last quarter. Advisory Research Inc. raised its holdings in shares of Regal Rexnord by 1.5% in the fourth quarter. Advisory Research Inc. now owns 6,710 shares of the company's stock worth $1,041,000 after acquiring an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Regal Rexnord by 0.7% in the first quarter. Oregon Public Employees Retirement Fund now owns 13,549 shares of the company's stock valued at $1,543,000 after purchasing an additional 100 shares during the last quarter. Cetera Investment Advisers increased its stake in Regal Rexnord by 3.6% in the first quarter. Cetera Investment Advisers now owns 2,920 shares of the company's stock valued at $332,000 after purchasing an additional 102 shares during the last quarter. Finally, Greenleaf Trust grew its position in Regal Rexnord by 2.1% during the first quarter. Greenleaf Trust now owns 5,187 shares of the company's stock valued at $591,000 after acquiring an additional 105 shares during the period. Institutional investors and hedge funds own 99.72% of the company's stock.

Regal Rexnord Stock Down 1.1%

NYSE RRX traded down $1.55 on Tuesday, hitting $145.96. 574,792 shares of the stock traded hands, compared to its average volume of 740,439. The stock has a 50-day moving average of $145.81 and a 200 day moving average of $133.22. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve month high of $185.28. The company has a market capitalization of $9.68 billion, a P/E ratio of 41.57, a price-to-earnings-growth ratio of 1.51 and a beta of 1.18. The company has a current ratio of 2.26, a quick ratio of 1.21 and a debt-to-equity ratio of 0.82.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced 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. The firm 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%. Regal Rexnord's revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.00 earnings per share. As a group, analysts expect that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 30th. Regal Rexnord's dividend payout ratio is presently 39.89%.

Analyst Ratings Changes

RRX has been the subject of several analyst reports. KeyCorp set a $180.00 target price on Regal Rexnord and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Wall Street Zen raised Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Barclays upped their target price on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. The Goldman Sachs Group upped their target price on Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, Robert W. Baird upped their target price on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Regal Rexnord has an average rating of "Buy" and a consensus target price of $185.25.

Insider Buying and Selling at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of the 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 directly owned 175,954 shares in the company, valued at approximately $24,691,624.82. This represents a 5.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.