Mountain Pacific Investment Advisers LLC Reduces Holdings in Regal Rexnord Corporation (NYSE:RRX)

Mountain Pacific Investment Advisers LLC reduced its stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 36.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,051 shares of the company's stock after selling 26,166 shares during the period. Mountain Pacific Investment Advisers LLC owned 0.07% of Regal Rexnord worth $5,243,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ lifted its stake in Regal Rexnord by 472.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company's stock worth $25,000 after purchasing an additional 137 shares in the last quarter. Bernard Wealth Management Corp. acquired a new position in Regal Rexnord during the fourth quarter worth $30,000. Aster Capital Management DIFC Ltd acquired a new position in Regal Rexnord during the fourth quarter worth $33,000. Jones Financial Companies Lllp lifted its stake in Regal Rexnord by 90.5% during the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock worth $50,000 after purchasing an additional 153 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in Regal Rexnord by 45.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 337 shares of the company's stock worth $52,000 after purchasing an additional 105 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on RRX shares. Wall Street Zen raised Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Citigroup upped their price objective on Regal Rexnord from $110.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Robert W. Baird upped their price objective on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group cut their price objective on Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Finally, KeyCorp cut their price objective on Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $171.25.

Insiders Place Their Bets

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 transaction of $1,486,515.69. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.82% of the company's stock.

Regal Rexnord Stock Up 0.5%

NYSE:RRX traded up $0.75 during trading hours on Thursday, hitting $139.73. The company's stock had a trading volume of 395,940 shares, compared to its average volume of 580,827. The stock has a market capitalization of $9.27 billion, a P/E ratio of 39.81, a price-to-earnings-growth ratio of 1.42 and a beta of 1.16. The stock has a fifty day moving average of $125.36 and a 200-day moving average of $136.18. The company has a current ratio of 2.26, a quick ratio of 1.21 and a debt-to-equity ratio of 0.82. 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 earnings results on Monday, May 5th. The company reported $2.15 EPS for the quarter, beating the consensus estimate of $1.82 by $0.33. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. Regal Rexnord's revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.00 earnings per share. On average, equities analysts forecast that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend is Monday, June 30th. Regal Rexnord's payout ratio is 39.89%.

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.