Millennium Management LLC Acquires 9,414 Shares of Regal Rexnord Corporation $RRX

Key Points

• Millennium Management LLC increased its holdings in Regal Rexnord Corporation by 3.9%, owning approximately $28.59 million in stock, which represents about 0.38% of the company.
• Regal Rexnord recently reported earnings of $2.48 per share, beating expectations, despite a 3.3% decline in year-over-year revenue.
• The company declared a quarterly dividend of $0.35, scheduled for payment on October 14th, offering an annual yield of 1.0%.

Millennium Management LLC boosted its holdings in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 3.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 251,126 shares of the company's stock after acquiring an additional 9,414 shares during the quarter. Millennium Management LLC owned 0.38% of Regal Rexnord worth $28,591,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Invenomic Capital Management LP bought a new position in Regal Rexnord in the 1st quarter valued at approximately $10,428,000. Kettle Hill Capital Management LLC bought a new position in Regal Rexnord in the 1st quarter valued at approximately $3,145,000. Alliancebernstein L.P. lifted its holdings in shares of Regal Rexnord by 8.5% during the 1st quarter. Alliancebernstein L.P. now owns 808,590 shares of the company's stock valued at $92,058,000 after buying an additional 63,335 shares during the period. Banque Transatlantique SA bought a new position in shares of Regal Rexnord during the 1st quarter valued at $126,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Regal Rexnord by 208.1% during the 1st quarter. AQR Capital Management LLC now owns 17,747 shares of the company's stock valued at $2,011,000 after buying an additional 11,987 shares during the period. 99.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RRX. JPMorgan Chase & Co. began coverage on Regal Rexnord in a report on Monday. They set an "overweight" rating and a $200.00 price target on the stock. The Goldman Sachs Group increased their price target on Regal Rexnord from $173.00 to $195.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Citigroup reissued a "buy" rating and set a $165.00 price target (up from $145.00) on shares of Regal Rexnord in a report on Tuesday, June 24th. Barclays increased their price target on Regal Rexnord from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Finally, Wall Street Zen raised Regal Rexnord from a "buy" rating to a "strong-buy" rating in a report on Saturday. Nine research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Regal Rexnord presently has a consensus rating of "Buy" and a consensus price target of $186.89.

Regal Rexnord Price Performance

RRX stock traded up $2.04 during trading on Monday, reaching $140.90. The company's stock had a trading volume of 843,754 shares, compared to its average volume of 761,025. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $185.28. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $9.35 billion, a P/E ratio of 37.47, a price-to-earnings-growth ratio of 1.40 and a beta of 1.18. The company's fifty day moving average is $148.38 and its 200-day moving average is $133.10.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $2.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.42 by $0.06. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%.The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the business posted $2.29 EPS. Regal Rexnord's revenue for the quarter 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. On average, research analysts expect that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The company 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 dividend of $0.35 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. Regal Rexnord's dividend payout ratio (DPR) is presently 37.23%.

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.