Regal Rexnord Corporation $RRX Holdings Raised by Millennium Management LLC

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 increased its holdings in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 3.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 251,126 shares of the company's stock after purchasing an additional 9,414 shares during the period. Millennium Management LLC owned 0.38% of Regal Rexnord worth $28,591,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in RRX. Cetera Investment Advisers lifted its holdings in Regal Rexnord by 7.1% in the 4th quarter. Cetera Investment Advisers now owns 2,818 shares of the company's stock worth $437,000 after buying an additional 187 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in Regal Rexnord in the 4th quarter worth $1,427,000. Occudo Quantitative Strategies LP acquired a new position in Regal Rexnord in the 4th quarter worth $550,000. Nuveen Asset Management LLC lifted its holdings in Regal Rexnord by 79.8% in the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company's stock worth $139,569,000 after buying an additional 399,267 shares in the last quarter. Finally, Nomura Holdings Inc. acquired a new position in Regal Rexnord in the 4th quarter worth $1,363,000. Institutional investors and hedge funds own 99.72% of the company's stock.

Regal Rexnord Price Performance

Shares of Regal Rexnord stock traded up $2.40 on Wednesday, hitting $143.68. The company had a trading volume of 148,446 shares, compared to its average volume of 756,868. The business has a 50-day simple moving average of $148.05 and a 200-day simple moving average of $133.23. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.00 and a quick ratio of 0.93. The company has a market cap of $9.54 billion, a PE ratio of 38.21, a PEG ratio of 1.42 and a beta of 1.18. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.42 by $0.06. The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.50 billion. Regal Rexnord had a net margin of 4.28% and a return on equity of 9.73%. The business's revenue was down 3.3% on a year-over-year basis. During the same period last year, the firm posted $2.29 earnings per share. Regal Rexnord has set its FY 2025 guidance at 9.700-10.300 EPS. Research analysts expect that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. KeyCorp set a $180.00 price objective on shares of Regal Rexnord and gave the stock an "overweight" rating in a report on Thursday, June 26th. JPMorgan Chase & Co. initiated coverage on shares of Regal Rexnord in a research note on Monday. They issued an "overweight" rating and a $200.00 target price on the stock. The Goldman Sachs Group cut their target price on shares of Regal Rexnord from $192.00 to $170.00 and set a "buy" rating on the stock in a research note on Tuesday. Barclays cut their target price on shares of Regal Rexnord from $163.00 to $161.00 and set an "overweight" rating on the stock in a research note on Tuesday. Finally, Citigroup restated a "buy" rating and issued a $165.00 target price (up previously from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Nine analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $183.67.

Regal Rexnord Company 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.