Magnetar Financial LLC Takes $366,000 Position in Regal Rexnord Corporation $RRX

Key Points

• Magnetar Financial LLC has acquired a new position in Regal Rexnord Corporation, purchasing 3,212 shares valued at approximately $366,000 during the first quarter.
• Regal Rexnord posted earnings of $2.48 per share for the last quarter, exceeding the consensus estimate by $0.06, despite a 3.3% decrease in revenue year-over-year.
• The company announced a quarterly dividend of $0.35, set to be paid on October 14th, with a current dividend yield of 0.9%.

Magnetar Financial LLC purchased a new stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 3,212 shares of the company's stock, valued at approximately $366,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hsbc Holdings PLC grew its position in shares of Regal Rexnord by 114.1% in the 4th quarter. Hsbc Holdings PLC now owns 5,390 shares of the company's stock valued at $835,000 after purchasing an additional 2,873 shares during the period. Northern Trust Corp lifted its stake in Regal Rexnord by 25.5% in the fourth quarter. Northern Trust Corp now owns 574,701 shares of the company's stock valued at $89,153,000 after buying an additional 116,860 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Regal Rexnord by 3,462.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 85,102 shares of the company's stock valued at $13,202,000 after buying an additional 82,713 shares during the period. Cetera Investment Advisers increased its position in shares of Regal Rexnord by 7.1% during the fourth quarter. Cetera Investment Advisers now owns 2,818 shares of the company's stock worth $437,000 after acquiring an additional 187 shares in the last quarter. Finally, Crestline Management LP bought a new stake in shares of Regal Rexnord during the fourth quarter worth $7,015,000. 99.72% of the stock is owned by institutional investors and hedge funds.

Regal Rexnord Stock Performance

Shares of RRX traded down $1.89 during midday trading on Friday, reaching $145.41. The stock had a trading volume of 1,086,782 shares, compared to its average volume of 727,780. The firm has a market cap of $9.65 billion, a PE ratio of 38.67, a P/E/G ratio of 1.47 and a beta of 1.18. The firm has a 50 day simple moving average of $149.11 and a 200-day simple moving average of $132.77. Regal Rexnord Corporation has a one year low of $90.56 and a one year high of $185.28. The company has a current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $2.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.42 by $0.06. Regal Rexnord had a net margin of 4.28% and a return on equity of 9.73%. The company had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the prior year, the firm earned $2.29 EPS. Regal Rexnord's quarterly revenue was down 3.3% compared to the same quarter last year. Regal Rexnord has set its FY 2025 guidance at 9.700-10.300 EPS. As a group, sell-side analysts anticipate that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 30th. Regal Rexnord's dividend payout ratio (DPR) is presently 37.23%.

Analyst Ratings Changes

RRX has been the topic of several research reports. Citigroup reaffirmed a "buy" rating and issued a $165.00 price objective (up from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Wall Street Zen cut Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research report on Friday. KeyCorp set a $180.00 price objective on Regal Rexnord and gave the stock an "overweight" rating in a report on Thursday, June 26th. The Goldman Sachs Group boosted their target price on Regal Rexnord from $173.00 to $195.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Finally, Barclays upped their price target on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Eight investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $185.25.

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.