Janus Henderson Group PLC Increases Stake in Regal Rexnord Corporation $RRX

Key Points

• Janus Henderson increased its Regal Rexnord stake by 362.4% in the first quarter, adding 100,067 shares to own 127,677 shares worth approximately $23.9 million. Institutional investors collectively hold 99.72% of the company.
• Analyst sentiment remains positive: eight analysts rate RRX a Buy and three rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $247. Citigroup raised its target to $260.
• Regal Rexnord exceeded quarterly expectations with EPS of $2.17 versus a $2.11 consensus and revenue of $1.48 billion, up 4.3% year over year. The company also declared a $0.35 quarterly dividend, representing a 0.7% yield.

Janus Henderson Group PLC grew its stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 362.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 127,677 shares of the company's stock after purchasing an additional 100,067 shares during the period. Janus Henderson Group PLC owned about 0.19% of Regal Rexnord worth $23,911,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in RRX. Covestor Ltd raised its position in shares of Regal Rexnord by 81.6% in the fourth quarter. Covestor Ltd now owns 178 shares of the company's stock worth $25,000 after acquiring an additional 80 shares during the period. Garner Asset Management Corp acquired a new position in shares of Regal Rexnord during the 4th quarter worth approximately $27,000. IFP Advisors Inc lifted its position in shares of Regal Rexnord by 34.0% during the 4th quarter. IFP Advisors Inc now owns 193 shares of the company's stock valued at $27,000 after buying an additional 49 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Regal Rexnord by 135.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company's stock valued at $25,000 after buying an additional 127 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Regal Rexnord in the 3rd quarter valued at $35,000. Institutional investors and hedge funds own 99.72% of the company's stock.

Insiders Place Their Bets

In other news, Director Robin A. Walker-Lee sold 1,297 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $213.85, for a total value of $277,363.45. Following the transaction, the director directly owned 5,503 shares in the company, valued at approximately $1,176,816.55. This represents a 19.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Robert Rehard sold 6,499 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the transaction, the chief financial officer directly owned 27,965 shares of the company's stock, valued at $5,593,000. The trade was a 18.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,305 shares of company stock valued at $6,341,869 over the last ninety days. Company insiders own 0.63% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on RRX shares. Weiss Ratings restated a "hold (c)" rating on shares of Regal Rexnord in a research report on Friday, July 17th. Citigroup boosted their target price on shares of Regal Rexnord from $240.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Wolfe Research set a $250.00 price target on shares of Regal Rexnord in a research note on Thursday, July 9th. Oppenheimer reiterated an "outperform" rating on shares of Regal Rexnord in a report on Friday, July 10th. Finally, Wall Street Zen lowered Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 18th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Regal Rexnord has an average rating of "Moderate Buy" and an average target price of $247.00.

Regal Rexnord Stock Up 2.8%

Shares of NYSE:RRX opened at $211.05 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. The business has a fifty day moving average of $213.38 and a two-hundred day moving average of $202.17. The stock has a market cap of $14.05 billion, a P/E ratio of 49.08, a PEG ratio of 1.36 and a beta of 1.09. Regal Rexnord Corporation has a 52-week low of $127.96 and a 52-week high of $247.80.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $2.17 EPS for the quarter, topping the consensus estimate of $2.11 by $0.06. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.15 EPS. On average, research analysts expect that Regal Rexnord Corporation will post 10.65 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th will be 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 is Wednesday, September 30th. Regal Rexnord's dividend payout ratio (DPR) is presently 32.56%.

About Regal Rexnord

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.

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