First Citizens Bank & Trust Co. Acquires New Position in Regal Rexnord Corporation $RRX

Key Points

• First Citizens Bank & Trust Co. has acquired 5,057 shares of Regal Rexnord Corporation for approximately $733,000, marking a significant entry into the company's stock.
• Regal Rexnord recently reported $2.76 EPS and $1.85 billion in revenue for the quarter ending September 8, with analysts forecasting a 9.95 EPS for the current year.
• The company announced a quarterly dividend of $0.35 per share, representing an annualized yield of 0.9%, with payment scheduled for January 14th to shareholders of record by December 31st.

First Citizens Bank & Trust Co. acquired a new stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,057 shares of the company's stock, valued at approximately $733,000.

Other hedge funds also recently made changes to their positions in the company. Nordea Investment Management AB bought a new stake in shares of Regal Rexnord in the 2nd quarter valued at approximately $224,889,000. Nuveen LLC acquired a new position in Regal Rexnord in the first quarter worth $117,996,000. Invesco Ltd. raised its holdings in shares of Regal Rexnord by 76.3% during the first quarter. Invesco Ltd. now owns 932,829 shares of the company's stock worth $106,203,000 after purchasing an additional 403,845 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Regal Rexnord by 30.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company's stock worth $194,955,000 after purchasing an additional 396,737 shares during the period. Finally, Victory Capital Management Inc. lifted its position 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 worth $277,435,000 after buying an additional 259,885 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.

Regal Rexnord Trading Up 0.1%

Shares of RRX stock opened at $147.53 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 2.00. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $185.28. The stock has a fifty day moving average of $145.02 and a two-hundred day moving average of $138.34. The firm has a market capitalization of $9.79 billion, a PE ratio of 39.24, a price-to-earnings-growth ratio of 1.48 and a beta of 1.16.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Friday, September 8th. The company reported $2.76 EPS for the quarter. The company had revenue of $1.85 billion for the quarter. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. As a group, research analysts expect that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 14th. Shareholders of record on Wednesday, December 31st 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 0.9%. The ex-dividend date is Wednesday, December 31st. Regal Rexnord's payout ratio is 37.23%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RRX shares. JPMorgan Chase & Co. assumed coverage on shares of Regal Rexnord in a research note on Monday, September 15th. They set an "overweight" rating and a $200.00 price objective on the stock. Barclays dropped their price target on Regal Rexnord from $163.00 to $161.00 and set an "overweight" rating on the stock in a research report on Tuesday, September 16th. The Goldman Sachs Group reduced their price objective on Regal Rexnord from $192.00 to $170.00 and set a "buy" rating for the company in a research report on Tuesday, September 16th. Wall Street Zen downgraded Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research note on Sunday, September 21st. Finally, KeyCorp cut their target price on Regal Rexnord from $180.00 to $170.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 14th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Regal Rexnord currently has an average rating of "Moderate Buy" and a consensus price target of $180.38.

Regal Rexnord 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.

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