NBC Securities Inc. Grows Holdings in Regal Rexnord Co. (NYSE:RRX)

NBC Securities Inc. raised its position in Regal Rexnord Co. (NYSE:RRX - Free Report) by 117,950.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,361 shares of the company's stock after purchasing an additional 2,359 shares during the period. NBC Securities Inc.'s holdings in Regal Rexnord were worth $268,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RRX. Norges Bank purchased a new position in Regal Rexnord in the 4th quarter valued at about $235,188,000. 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 valued at $139,569,000 after purchasing an additional 399,267 shares in the last quarter. Victory Capital Management Inc. lifted its holdings 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 in the last quarter. Cartenna Capital LP purchased a new position in Regal Rexnord in the 4th quarter valued at about $55,900,000. Finally, Alyeska Investment Group L.P. lifted its holdings in Regal Rexnord by 425.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company's stock valued at $62,060,000 after purchasing an additional 323,904 shares in the last quarter. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RRX. Wall Street Zen upgraded shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. The Goldman Sachs Group cut their price objective on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Robert W. Baird increased their price objective on shares of Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. KeyCorp cut their price objective on shares of Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Citigroup increased their price objective on shares of Regal Rexnord from $110.00 to $145.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $171.25.

Regal Rexnord Stock Up 1.2%

RRX opened at $140.05 on Friday. The firm has a 50 day moving average price of $119.16 and a 200 day moving average price of $137.74. The company has a market cap of $9.29 billion, a PE ratio of 47.48, a price-to-earnings-growth ratio of 1.37 and a beta of 1.16. Regal Rexnord Co. has a 1 year low of $90.56 and a 1 year high of $185.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings data 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. Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the company earned $2.00 earnings per share. Regal Rexnord's revenue for the quarter was down 8.4% on a year-over-year basis. Sell-side analysts expect that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

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 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 dividend payout ratio (DPR) is currently 39.89%.

Insider Activity

In other news, CEO Louis V. Pinkham sold 10,593 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 175,954 shares in the company, valued at approximately $24,691,624.82. This represents a 5.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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.

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