Millennium Management LLC Increases Stock Position in Regal Rexnord Co. (NYSE:RRX)

Millennium Management LLC boosted its stake in Regal Rexnord Co. (NYSE:RRX - Free Report) by 313.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of RRX. Norges Bank purchased a new stake in shares of Regal Rexnord in the fourth quarter valued at $235,188,000. Victory Capital Management Inc. raised its stake in Regal Rexnord by 20.1% in the 4th quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company's stock valued at $337,712,000 after purchasing an additional 363,728 shares during the last quarter. Cartenna Capital LP purchased a new position in Regal Rexnord in the 4th quarter valued at about $55,900,000. Alyeska Investment Group L.P. boosted its stake in shares of Regal Rexnord by 425.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company's stock worth $62,060,000 after purchasing an additional 323,904 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Regal Rexnord by 56.8% during the 4th quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock worth $106,106,000 after purchasing an additional 247,673 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. KeyCorp cut their price objective on shares of Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Barclays boosted their price target on Regal Rexnord from $155.00 to $160.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Oppenheimer decreased 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. Citigroup lifted their price objective on Regal Rexnord from $110.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Robert W. Baird increased their target price on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $171.25.

Regal Rexnord Trading Down 4.2%

RRX stock traded down $5.90 during trading on Wednesday, reaching $134.78. 887,062 shares of the stock traded hands, compared to its average volume of 573,100. The firm has a market capitalization of $8.94 billion, a PE ratio of 45.69, a P/E/G ratio of 1.37 and a beta of 1.11. 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 business's 50 day moving average price is $115.00 and its 200-day moving average price is $141.08. 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 posted its earnings results on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.82 by $0.33. Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the company earned $2.00 EPS. The company's revenue was down 8.4% on a year-over-year basis. As a group, sell-side analysts forecast that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Monday, June 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Monday, June 30th. Regal Rexnord's dividend payout ratio is presently 39.89%.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $140.33, for a total value of $1,486,515.69. Following the transaction, the chief executive officer now directly owns 175,954 shares of the company's stock, valued at $24,691,624.82. This trade represents a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company 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.