Legal & General Group Plc Reduces Stock Position in Regal Rexnord Corporation $RRX

Key Points

• Legal & General Group Plc cut its Regal Rexnord stake by 8.2% in the fourth quarter, selling 8,730 shares and leaving it with 97,166 shares valued at about $13.6 million.
• Wall Street sentiment remains constructive, with Regal Rexnord holding a consensus “Moderate Buy” rating and an average price target of $232.25 after several analysts raised targets to $240 and one set a $253 target.
• Fundamentals and shareholder returns are solid: the company beat quarterly EPS and revenue expectations, posted 4.3% year-over-year revenue growth, and declared a quarterly dividend of $0.35 per share.

Legal & General Group Plc decreased its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 8.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 97,166 shares of the company's stock after selling 8,730 shares during the quarter. Legal & General Group Plc owned 0.15% of Regal Rexnord worth $13,634,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Covestor Ltd lifted its stake in Regal Rexnord by 81.6% during the 4th quarter. Covestor Ltd now owns 178 shares of the company's stock valued at $25,000 after acquiring an additional 80 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Regal Rexnord by 135.1% in the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company's stock valued at $25,000 after purchasing an additional 127 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Regal Rexnord during the 3rd quarter worth about $27,000. Garner Asset Management Corp purchased a new position in shares of Regal Rexnord during the 4th quarter valued at about $27,000. Finally, IFP Advisors Inc raised its stake 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 during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on RRX shares. JPMorgan Chase & Co. upped their target price on Regal Rexnord from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 26th. Wall Street Zen lowered shares of Regal Rexnord from a "strong-buy" rating to a "buy" rating in a report on Tuesday, April 28th. Citigroup boosted their target price on shares of Regal Rexnord from $230.00 to $240.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Regal Rexnord in a report on Tuesday, April 21st. Finally, Robert W. Baird set a $253.00 target price on Regal Rexnord in a research report on Friday, February 6th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Regal Rexnord presently has an average rating of "Moderate Buy" and a consensus price target of $232.25.

Regal Rexnord Stock Performance

RRX opened at $213.29 on Wednesday. The firm's fifty day simple moving average is $200.78 and its two-hundred day simple moving average is $179.87. Regal Rexnord Corporation has a 52-week low of $127.96 and a 52-week high of $236.35. The company has a market cap of $14.20 billion, a price-to-earnings ratio of 49.60, a PEG ratio of 1.90 and a beta of 1.11. 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 (NYSE:RRX - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.06. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the firm earned $2.15 EPS. The company's revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts anticipate that Regal Rexnord Corporation will post 10.63 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. Regal Rexnord's payout ratio is currently 32.56%.

Insider Buying and Selling

In other Regal Rexnord news, CFO Robert Rehard sold 6,499 shares of Regal Rexnord stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the sale, the chief financial officer owned 27,965 shares of the company's stock, valued at $5,593,000. The trade was a 18.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robin A. Walker-Lee sold 1,297 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $213.85, for a total transaction of $277,363.45. Following the sale, the director directly owned 5,503 shares of the company's stock, valued at $1,176,816.55. The trade was a 19.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 corporate insiders.

Regal Rexnord Company 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.

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