Envestnet Asset Management Inc. Sells 5,404 Shares of Regal Rexnord Corporation (NYSE:RRX)

Envestnet Asset Management Inc. decreased its position in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 7.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,765 shares of the company's stock after selling 5,404 shares during the quarter. Envestnet Asset Management Inc. owned 0.10% of Regal Rexnord worth $7,829,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Regal Rexnord in the 4th quarter worth about $235,188,000. Nuveen Asset Management LLC increased its position in shares of Regal Rexnord by 79.8% during the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company's stock worth $139,569,000 after purchasing an additional 399,267 shares in the last quarter. Cartenna Capital LP bought a new stake in Regal Rexnord during the 4th quarter worth about $55,900,000. Alyeska Investment Group L.P. boosted its stake 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 purchasing an additional 323,904 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Regal Rexnord by 56.8% in the 4th 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. Hedge funds and other institutional investors own 99.72% of the company's stock.

Regal Rexnord Stock Up 0.4%

NYSE:RRX traded up $0.62 during mid-day trading on Tuesday, hitting $149.38. 587,831 shares of the company's stock traded hands, compared to its average volume of 605,168. The company has a fifty day moving average of $142.91 and a 200 day moving average of $133.36. 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 $9.91 billion, a P/E ratio of 42.56, a P/E/G ratio of 1.54 and a beta of 1.17. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.21 and a current ratio of 2.26.

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

Regal Rexnord Dividend Announcement

The firm also recently announced 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. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Tuesday, September 30th. Regal Rexnord's dividend payout ratio (DPR) is 39.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RRX shares. The Goldman Sachs Group boosted their target price on shares of Regal Rexnord from $173.00 to $195.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Citigroup reissued a "buy" rating and set a $165.00 target price (up previously from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Wall Street Zen raised Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. KeyCorp set a $180.00 price objective on Regal Rexnord and gave the company an "overweight" rating in a research note on Thursday, June 26th. Finally, Robert W. Baird upped their price objective on Regal Rexnord from $167.00 to $172.00 and gave the company an "outperform" rating in a research note 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 company's stock. According to MarketBeat, Regal Rexnord presently has an average rating of "Buy" and an average price target of $185.25.

Insiders Place Their Bets

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the stock in a transaction 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 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 filing with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is owned by insiders.

Regal Rexnord Company Profile

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.