Oak Thistle LLC Has $365,000 Stake in Regal Rexnord Corporation (NYSE:RRX)

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 raised its stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 101.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Regal Rexnord in the 4th quarter valued at $235,188,000. Nuveen Asset Management LLC lifted its holdings in Regal Rexnord by 79.8% in the fourth quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company's stock valued at $139,569,000 after buying an additional 399,267 shares during the period. Cartenna Capital LP bought a new stake in Regal Rexnord during the fourth quarter valued at $55,900,000. Alyeska Investment Group L.P. grew its holdings in Regal Rexnord by 425.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company's stock worth $62,060,000 after acquiring an additional 323,904 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Regal Rexnord by 11.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company's stock worth $277,435,000 after acquiring an additional 259,885 shares during the period. 99.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. KeyCorp set a $180.00 target price on Regal Rexnord and gave the company an "overweight" rating in a research report on Thursday, June 26th. Robert W. Baird boosted their price target on Regal Rexnord from $167.00 to $172.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Barclays increased their price target on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. The Goldman Sachs Group lifted their price objective on shares of Regal Rexnord from $173.00 to $195.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen raised shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $185.25.

Insiders Place Their Bets

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of Regal Rexnord 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 in the company, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.82% of the company's stock.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $157.25 on Friday. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve month high of $185.28. The stock's 50 day moving average is $143.85 and its 200-day moving average is $133.59. The company has a quick ratio of 1.21, a current ratio of 2.26 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $10.43 billion, a price-to-earnings ratio of 44.80, a PEG ratio of 1.57 and a beta of 1.17.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $2.15 EPS for the quarter, beating analysts' consensus estimates of $1.82 by $0.33. Regal Rexnord had a net margin of 3.96% and a return on equity of 9.67%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the business posted $2.00 EPS. Regal Rexnord's quarterly revenue was down 8.4% on a year-over-year basis. Sell-side analysts forecast that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be issued a $0.35 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.89%. Regal Rexnord's dividend payout ratio is presently 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.

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