Massachusetts Financial Services Co. MA Grows Stock Holdings in Regal Rexnord Corporation (NYSE:RRX)

Massachusetts Financial Services Co. MA lifted its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 4.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,882,369 shares of the company's stock after buying an additional 115,564 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 4.35% of Regal Rexnord worth $328,158,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ increased its holdings in Regal Rexnord by 472.4% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company's stock valued at $25,000 after acquiring an additional 137 shares during the last quarter. Bernard Wealth Management Corp. bought a new stake in Regal Rexnord in the 4th quarter valued at $30,000. Golden State Wealth Management LLC increased its holdings in Regal Rexnord by 106.2% in the 1st quarter. Golden State Wealth Management LLC now owns 268 shares of the company's stock valued at $31,000 after acquiring an additional 138 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Regal Rexnord in the 4th quarter valued at $33,000. Finally, Jones Financial Companies Lllp increased its holdings in Regal Rexnord by 90.5% in the 4th quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock valued at $50,000 after acquiring an additional 153 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RRX shares. Wall Street Zen upgraded shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Robert W. Baird boosted their price objective on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. The Goldman Sachs Group boosted their price objective on Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Citigroup reissued a "buy" rating and set a $165.00 price objective (up from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Finally, KeyCorp set a $180.00 price objective on Regal Rexnord and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $185.25.

Regal Rexnord Price Performance

NYSE RRX opened at $146.47 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.26 and a quick ratio of 1.21. The stock's fifty day moving average price is $140.63 and its 200 day moving average price is $133.64. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $185.28. The company has a market cap of $9.72 billion, a price-to-earnings ratio of 41.73, a PEG ratio of 1.54 and a beta of 1.17.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.33. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the firm earned $2.00 EPS. The firm's revenue was down 8.4% on a year-over-year basis. As a group, equities research analysts forecast that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 14th. Shareholders of record on Monday, June 30th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend was Monday, June 30th. Regal Rexnord's dividend payout ratio is currently 39.89%.

Insiders Place Their Bets

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the sale, the chief executive officer directly owned 175,954 shares of the company's stock, valued at approximately $24,691,624.82. This trade represents a 5.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.82% of the company's stock.

About Regal Rexnord

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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