M&T Bank Corp Grows Stock Holdings in Regal Rexnord Corporation $RRX

Key Points

• 314.5% increase — M&T Bank raised its Regal Rexnord stake by 314.5% in Q4 to 8,596 shares (worth $1.206M), and other institutions (including Nordea, American Century and JPMorgan) also added sizable positions, leaving institutional investors with 99.72% ownership.
• Insider selling — Company insiders sold 53,451 shares worth about $11.39M over the past 90 days (notably Director Curtis Stoelting and EVP Cheryl Lewis), reducing insider ownership to 0.63%.
• Analyst sentiment upbeat — The street rates RRX a "Moderate Buy" (seven Buys, three Holds) with a consensus price target of $229.75 after several upward revisions; the stock trades near $204, has a PE of 48.6 and pays a $0.35 quarterly dividend (0.7% yield).

M&T Bank Corp raised its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 314.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,596 shares of the company's stock after purchasing an additional 6,522 shares during the period. M&T Bank Corp's holdings in Regal Rexnord were worth $1,206,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. AIA Group Ltd purchased a new stake in Regal Rexnord during the third quarter valued at about $1,477,000. Oppenheimer Asset Management Inc. raised its position in Regal Rexnord by 475.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 21,991 shares of the company's stock valued at $3,154,000 after purchasing an additional 18,168 shares in the last quarter. American Century Companies Inc. purchased a new stake in Regal Rexnord during the third quarter valued at about $47,778,000. Nordea Investment Management AB raised its position in Regal Rexnord by 30.7% during the third quarter. Nordea Investment Management AB now owns 2,028,936 shares of the company's stock valued at $289,083,000 after purchasing an additional 476,802 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Regal Rexnord by 97.0% during the third quarter. JPMorgan Chase & Co. now owns 260,853 shares of the company's stock valued at $37,419,000 after purchasing an additional 128,468 shares in the last quarter. Hedge funds and other institutional investors own 99.72% of the company's stock.

Insider Buying and Selling at Regal Rexnord

In other news, Director Curtis W. Stoelting sold 4,500 shares of Regal Rexnord stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $180.00, for a total transaction of $810,000.00. Following the completion of the transaction, the director directly owned 15,617 shares in the company, valued at approximately $2,811,060. This trade represents a 22.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Cheryl Lewis sold 2,262 shares of Regal Rexnord stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $215.73, for a total transaction of $487,981.26. Following the transaction, the executive vice president owned 13,219 shares of the company's stock, valued at $2,851,734.87. The trade was a 14.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 53,451 shares of company stock valued at $11,386,689 over the last ninety days. Company insiders own 0.63% of the company's stock.

Wall Street Analysts Forecast Growth

RRX has been the topic of a number of recent research reports. KeyCorp raised their price objective on Regal Rexnord from $200.00 to $255.00 and gave the company an "overweight" rating in a research note on Tuesday, February 10th. Robert W. Baird set a $253.00 price objective on Regal Rexnord in a research note on Friday, February 6th. Citigroup raised their price objective on Regal Rexnord from $230.00 to $240.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Regal Rexnord in a research note on Tuesday, April 21st. Finally, Oppenheimer raised their price objective on Regal Rexnord from $180.00 to $225.00 and gave the company an "outperform" rating in a research note on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $229.75.

Regal Rexnord Stock Performance

Shares of RRX opened at $204.08 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.15 and a quick ratio of 1.10. Regal Rexnord Corporation has a one year low of $102.23 and a one year high of $229.30. The company has a 50-day simple moving average of $200.28 and a two-hundred day simple moving average of $170.26. The firm has a market capitalization of $13.58 billion, a PE ratio of 48.59, a price-to-earnings-growth ratio of 1.98 and a beta of 1.11.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the business posted $2.34 earnings per share. Regal Rexnord's quarterly revenue was up 4.3% compared to the same quarter last year. On average, analysts anticipate that Regal Rexnord Corporation will post 10.76 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, June 30th. Regal Rexnord's dividend payout ratio (DPR) is presently 33.33%.

Regal Rexnord Profile

Regal Rexnord Corporation NYSE: RRX is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company's operations are organized into multiple business segments that address distinct customer needs.

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