Regal Rexnord Co. (NYSE:RRX) Shares Purchased by Millennium Management LLC

Millennium Management LLC lifted its holdings in Regal Rexnord Co. (NYSE:RRX - Free Report) by 313.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 241,712 shares of the company's stock after buying an additional 183,272 shares during the quarter. Millennium Management LLC owned approximately 0.36% of Regal Rexnord worth $37,497,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Regal Rexnord by 472.4% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company's stock worth $25,000 after buying an additional 137 shares during the period. Bernard Wealth Management Corp. purchased a new stake in shares of Regal Rexnord in the fourth quarter worth approximately $30,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Regal Rexnord in the fourth quarter worth approximately $33,000. Tobam purchased a new stake in shares of Regal Rexnord in the fourth quarter worth approximately $45,000. Finally, Jones Financial Companies Lllp raised its holdings in shares of Regal Rexnord by 90.5% in the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock worth $50,000 after buying an additional 153 shares during the period. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Regal Rexnord Stock Down 0.3%

NYSE RRX traded down $0.42 during midday trading on Friday, hitting $134.58. 531,130 shares of the company traded hands, compared to its average volume of 574,410. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25. The company has a market cap of $8.93 billion, a PE ratio of 45.62, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company's 50-day simple moving average is $116.02 and its 200-day simple moving average is $140.56. Regal Rexnord Co. has a 52 week low of $90.56 and a 52 week high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced 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. The business had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.38 billion. Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. The business's revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.00 EPS. As a group, equities research analysts forecast that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date is Monday, June 30th. This represents a $1.40 annualized dividend and a yield of 1.04%. Regal Rexnord's dividend payout ratio (DPR) is presently 39.89%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RRX shares. Oppenheimer reduced their price objective on Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating on the stock in a report on Friday, February 7th. Wall Street Zen upgraded Regal Rexnord from a "buy" rating to a "strong-buy" rating in a report on Thursday. Citigroup raised their price objective on Regal Rexnord from $110.00 to $145.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. The Goldman Sachs Group reduced their price objective on Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Finally, KeyCorp reduced their price objective on Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $171.25.

Insider Buying and Selling at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the stock in a transaction on 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 now owns 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.82% of the company's stock.

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.