Regal Rexnord Corporation (NYSE:RRX) Position Increased by Oak Thistle LLC

Key Points

• Oak Thistle LLC significantly increased its stake in Regal Rexnord Corporation by 101.5%, holding shares valued at $365,000 as of the end of the latest quarter.
• Analysts from firms such as Goldman Sachs and KeyCorp have set price targets for Regal Rexnord, with a consensus target of $185.25 and a majority of ratings categorized as "Buy."
• Regal Rexnord will be issuing a quarterly dividend of $0.35 on October 14th, reflecting an annualized yield of 0.89%.

Oak Thistle LLC increased its stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 101.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,208 shares of the company's stock after purchasing an additional 1,616 shares during the period. Oak Thistle LLC's holdings in Regal Rexnord were worth $365,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jefferies Financial Group Inc. acquired a new position in shares of Regal Rexnord during the fourth quarter valued at approximately $1,427,000. JPMorgan Chase & Co. increased its position 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. Norges Bank acquired a new stake in shares of Regal Rexnord during the fourth quarter valued at about $235,188,000. Polar Asset Management Partners Inc. acquired a new stake in Regal Rexnord in the 4th quarter valued at approximately $9,463,000. Finally, HighTower Advisors LLC grew its position in Regal Rexnord by 34.9% in the 4th quarter. HighTower Advisors LLC now owns 3,306 shares of the company's stock valued at $513,000 after acquiring an additional 855 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.

Insider Transactions at Regal Rexnord

In related 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 completion of the transaction, the chief executive officer owned 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.82% of the company's stock.

Regal Rexnord Stock Performance

NYSE RRX traded down $3.95 on Tuesday, hitting $155.96. The stock had a trading volume of 299,773 shares, compared to its average volume of 725,744. Regal Rexnord Corporation has a one year low of $90.56 and a one year high of $185.28. The stock has a market cap of $10.35 billion, a price-to-earnings ratio of 44.38, a P/E/G ratio of 1.59 and a beta of 1.17. The company's 50-day moving average is $144.22 and its two-hundred day moving average is $133.36. The company has a quick ratio of 1.21, a current ratio of 2.26 and a debt-to-equity ratio of 0.82.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.33. The company had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.38 billion. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. The company'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 business posted $2.00 earnings per share. On average, analysts expect that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date is Tuesday, September 30th. Regal Rexnord's payout ratio is currently 39.89%.

Analyst Upgrades and Downgrades

Several research firms have commented on RRX. KeyCorp set a $180.00 price target on shares of Regal Rexnord and gave the stock an "overweight" rating in a report on Thursday, June 26th. The Goldman Sachs Group increased their target price on shares of Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Citigroup restated a "buy" rating and issued a $165.00 target price (up previously from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Barclays increased their price objective on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Finally, Wall Street Zen raised Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $185.25.

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.