Nordea Investment Management AB Invests $224.89 Million in Regal Rexnord Corporation $RRX

Key Points

• Nordea Investment Management AB invested approximately $224.89 million to acquire 1,552,134 shares of Regal Rexnord Corporation, representing a 2.34% ownership stake by the end of the last quarter.
• Regal Rexnord announced a quarterly dividend of $0.35 per share, translating to an annualized dividend yield of 1.0% and a payout ratio of 37.23%.
• Analysts have mixed reviews for Regal Rexnord, with target prices ranging from $161.00 to $180.00 and an overall consensus rating of "Moderate Buy."

Nordea Investment Management AB purchased a new position in Regal Rexnord Corporation (NYSE:RRX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,552,134 shares of the company's stock, valued at approximately $224,889,000. Nordea Investment Management AB owned approximately 2.34% of Regal Rexnord at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Avantax Advisory Services Inc. lifted its stake in shares of Regal Rexnord by 19.7% in the first quarter. Avantax Advisory Services Inc. now owns 3,152 shares of the company's stock worth $359,000 after buying an additional 519 shares in the last quarter. Intech Investment Management LLC raised its stake in Regal Rexnord by 0.5% during the first quarter. Intech Investment Management LLC now owns 25,490 shares of the company's stock worth $2,902,000 after purchasing an additional 120 shares during the period. Signaturefd LLC raised its stake in Regal Rexnord by 14.2% during the second quarter. Signaturefd LLC now owns 1,040 shares of the company's stock worth $151,000 after purchasing an additional 129 shares during the period. United Services Automobile Association purchased a new position in Regal Rexnord during the first quarter worth about $507,000. Finally, SCS Capital Management LLC purchased a new position in Regal Rexnord during the first quarter worth about $362,000. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Price Performance

Shares of RRX opened at $140.41 on Friday. Regal Rexnord Corporation has a 1-year low of $90.56 and a 1-year high of $185.28. The stock has a market cap of $9.32 billion, a PE ratio of 37.34, a P/E/G ratio of 1.45 and a beta of 1.16. The firm has a 50-day simple moving average of $145.05 and a two-hundred day simple moving average of $136.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.00 and a quick ratio of 0.93.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings results on Friday, September 8th. The company reported $2.76 earnings per share for the quarter. The business had revenue of $1.85 billion during the quarter. Regal Rexnord had a net margin of 4.28% and a return on equity of 9.73%. As a group, analysts forecast that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th were issued a $0.35 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. Regal Rexnord's payout ratio is 37.23%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RRX. KeyCorp reduced their target price on shares of Regal Rexnord from $180.00 to $170.00 and set an "overweight" rating on the stock in a research note on Tuesday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Regal Rexnord in a research note on Wednesday, October 8th. The Goldman Sachs Group reduced their target price on shares of Regal Rexnord from $192.00 to $170.00 and set a "buy" rating on the stock in a research note on Tuesday, September 16th. Citigroup reaffirmed a "buy" rating and set a $165.00 target price (up from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Finally, Barclays reduced their target price on shares of Regal Rexnord from $163.00 to $161.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 16th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $180.38.

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.

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