Fifth Third Bancorp Purchases 43,679 Shares of Regal Rexnord Corporation $RRX

Key Points

• Fifth Third Bancorp increased its stake in Regal Rexnord by 6,109% in the first quarter, buying 43,679 additional shares and bringing its total holdings to 44,394 shares worth about $8.3 million.
• Regal Rexnord reported better-than-expected quarterly results, with EPS of $2.17 versus estimates of $2.11 and revenue of $1.48 billion versus expectations of $1.43 billion. Revenue rose 4.3% year over year.
• Analysts remain broadly positive on the stock, with seven Buy ratings and three Hold ratings and a consensus price target of $243.45. Meanwhile, insiders have been selling shares, including CEO Louis V. Pinkham’s recent sale of 22,509 shares.

Fifth Third Bancorp grew its position in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 6,109.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,394 shares of the company's stock after buying an additional 43,679 shares during the quarter. Fifth Third Bancorp owned 0.07% of Regal Rexnord worth $8,313,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its stake in Regal Rexnord by 208.1% in the first quarter. AQR Capital Management LLC now owns 17,747 shares of the company's stock worth $2,011,000 after acquiring an additional 11,987 shares during the period. Jones Financial Companies Lllp increased its position in Regal Rexnord by 91.6% during the 1st quarter. Jones Financial Companies Lllp now owns 617 shares of the company's stock valued at $70,000 after purchasing an additional 295 shares during the period. Geneos Wealth Management Inc. raised its holdings 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 purchasing an additional 127 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Regal Rexnord by 6.7% in the 2nd quarter. Cetera Investment Advisers now owns 3,116 shares of the company's stock valued at $452,000 after purchasing an additional 196 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Regal Rexnord in the 2nd quarter worth approximately $4,759,000. Institutional investors own 99.72% of the company's stock.

Regal Rexnord Price Performance

Shares of RRX opened at $213.62 on Thursday. The company has a 50 day moving average of $211.79 and a two-hundred day moving average of $196.73. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. Regal Rexnord Corporation has a twelve month low of $127.96 and a twelve month high of $247.80. The company has a market cap of $14.22 billion, a price-to-earnings ratio of 49.68, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.11 by $0.06. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the prior year, the firm posted $2.15 earnings per share. The business's quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts predict that Regal Rexnord Corporation will post 10.64 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, June 30th. Regal Rexnord's dividend payout ratio is currently 32.56%.

Insider Buying and Selling at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $211.68, for a total value of $4,764,705.12. Following the completion of the sale, the chief executive officer directly owned 56,749 shares in the company, valued at approximately $12,012,628.32. This trade represents a 28.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robin A. Walker-Lee sold 1,297 shares of the business's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $213.85, for a total value of $277,363.45. Following the sale, the director owned 5,503 shares in the company, valued at $1,176,816.55. The trade was a 19.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 30,305 shares of company stock worth $6,341,869. 0.63% of the stock is owned by insiders.

Wall Street Analyst Weigh In

RRX has been the topic of several research reports. Oppenheimer reissued an "outperform" rating on shares of Regal Rexnord in a report on Friday, July 10th. Wolfe Research set a $250.00 target price on Regal Rexnord in a research report on Thursday, July 9th. JPMorgan Chase & Co. lifted their price target on Regal Rexnord from $230.00 to $240.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. DA Davidson assumed coverage on Regal Rexnord in a research report on Tuesday, June 16th. They issued a "buy" rating and a $260.00 price target for the company. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Regal Rexnord in a research note on Tuesday, April 21st. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Regal Rexnord presently has a consensus rating of "Moderate Buy" and an average price target of $243.45.

Regal Rexnord Profile

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.