Regal Rexnord Corporation (NYSE:RRX) Shares Acquired by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. grew its stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 6.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,083,622 shares of the company's stock after acquiring an additional 175,273 shares during the quarter. Regal Rexnord comprises approximately 1.6% of Diamond Hill Capital Management Inc.'s investment portfolio, making the stock its 23rd biggest position. Diamond Hill Capital Management Inc. owned about 4.65% of Regal Rexnord worth $351,070,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of RRX. Norges Bank acquired a new position in shares of Regal Rexnord in the 4th quarter valued at $235,188,000. Nuveen Asset Management LLC grew its position in shares of Regal Rexnord by 79.8% in the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company's stock valued at $139,569,000 after buying an additional 399,267 shares during the last quarter. Cartenna Capital LP purchased a new position in shares of Regal Rexnord in the 4th quarter valued at $55,900,000. Alyeska Investment Group L.P. grew its position in shares of Regal Rexnord by 425.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company's stock valued at $62,060,000 after buying an additional 323,904 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Regal Rexnord by 11.9% in the 1st quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company's stock valued at $277,435,000 after purchasing an additional 259,885 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company's stock.

Analysts Set New Price Targets

RRX has been the topic of a number of research reports. KeyCorp set a $180.00 target price on shares of Regal Rexnord and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Barclays raised their target price on shares of 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 raised their target price on shares of Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Citigroup restated a "buy" rating and set a $165.00 target price (up from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Finally, Robert W. Baird increased their price objective 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 analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $185.25.

Insider Activity

In related news, CEO Louis V. Pinkham sold 10,593 shares of the business's stock in a transaction dated 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 owned 175,954 shares of the company's stock, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is owned by corporate insiders.

Regal Rexnord Stock Performance

Shares of NYSE RRX traded up $2.81 during mid-day trading on Friday, hitting $157.25. 444,683 shares of the company were exchanged, compared to its average volume of 698,223. The company has a quick ratio of 1.21, a current ratio of 2.26 and a debt-to-equity ratio of 0.82. The stock has a 50 day simple moving average of $143.53 and a 200-day simple moving average of $133.58. Regal Rexnord Corporation has a 1-year low of $90.56 and a 1-year high of $185.28. The firm has a market cap of $10.43 billion, a price-to-earnings ratio of 16.66, a price-to-earnings-growth ratio of 1.57 and a beta of 1.17.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the company earned $2.00 earnings per share. The company's revenue for the quarter was down 8.4% on a year-over-year basis. On average, sell-side analysts forecast that Regal Rexnord Corporation will post 9.95 EPS 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 paid a dividend of $0.35 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.89%. Regal Rexnord's dividend payout ratio (DPR) is presently 39.89%.

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.