Oppenheimer & Co. Inc. Sells 8,607 Shares of Regal Rexnord Corporation (NYSE:RRX)

Oppenheimer & Co. Inc. trimmed its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 14.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,781 shares of the company's stock after selling 8,607 shares during the period. Oppenheimer & Co. Inc. owned approximately 0.08% of Regal Rexnord worth $5,668,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in RRX. Skandinaviska Enskilda Banken AB publ raised its position in shares of Regal Rexnord by 472.4% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company's stock valued at $25,000 after acquiring an additional 137 shares in the last quarter. Bernard Wealth Management Corp. acquired a new stake in Regal Rexnord in the 4th quarter valued at about $30,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Regal Rexnord in the 4th quarter worth $33,000. Jones Financial Companies Lllp boosted its stake in Regal Rexnord by 90.5% in the 4th quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock worth $50,000 after purchasing an additional 153 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in Regal Rexnord by 45.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 337 shares of the company's stock valued at $52,000 after buying an additional 105 shares during the period. 99.72% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Louis V. Pinkham sold 10,593 shares of Regal Rexnord stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the sale, the chief executive officer now directly owns 175,954 shares of the company's stock, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.82% of the company's stock.

Regal Rexnord Stock Down 0.9%

Regal Rexnord stock traded down $1.30 during mid-day trading on Wednesday, reaching $143.83. The company's stock had a trading volume of 850,281 shares, compared to its average volume of 583,778. The company has a market capitalization of $9.54 billion, a price-to-earnings ratio of 40.98, a price-to-earnings-growth ratio of 1.44 and a beta of 1.16. Regal Rexnord Corporation has a 12 month low of $90.56 and a 12 month high of $185.28. The business's 50 day simple moving average is $128.78 and its 200 day simple moving average is $135.08. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.21 and a current ratio of 2.26.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its earnings results 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 3.96% and a return on equity of 9.67%. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the business posted $2.00 EPS. Regal Rexnord's revenue was down 8.4% on a year-over-year basis. As a group, research analysts anticipate that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Investors of record on Monday, June 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Monday, June 30th. Regal Rexnord's dividend payout ratio is 39.89%.

Analyst Upgrades and Downgrades

Several research firms have commented on RRX. KeyCorp decreased their target price on shares of Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Citigroup increased their target price on Regal Rexnord from $145.00 to $165.00 and gave the stock a "buy" rating in a report on Tuesday. Wall Street Zen upgraded Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. The Goldman Sachs Group decreased their price target on Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Finally, Robert W. Baird increased their target price on Regal Rexnord from $167.00 to $172.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. 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 data from MarketBeat, Regal Rexnord presently has an average rating of "Buy" and an average price target of $173.75.

Regal Rexnord 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.