Oppenheimer & Co. Inc. Decreases Stake in Regal Rexnord Corporation (NYSE:RRX)

Oppenheimer & Co. Inc. lowered its position in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 14.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,781 shares of the company's stock after selling 8,607 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.08% of Regal Rexnord worth $5,668,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Victory Capital Management Inc. raised its stake in shares of Regal Rexnord by 20.1% in the fourth quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company's stock valued at $337,712,000 after acquiring an additional 363,728 shares during the period. Norges Bank purchased a new stake in shares of Regal Rexnord in the fourth quarter valued at $235,188,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Regal Rexnord by 3.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,332,621 shares of the company's stock valued at $206,729,000 after acquiring an additional 42,704 shares during the period. Nuveen Asset Management LLC raised its stake in shares of 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 acquiring an additional 399,267 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Regal Rexnord by 56.8% in the fourth quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock valued at $106,106,000 after acquiring an additional 247,673 shares during the period. Hedge funds and other institutional investors own 99.72% of the company's stock.

Insider Activity

In other news, CEO Louis V. Pinkham sold 10,593 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $140.33, for a total value of $1,486,515.69. Following the sale, the chief executive officer now directly owns 175,954 shares in the company, valued at approximately $24,691,624.82. This trade represents a 5.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.82% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. KeyCorp set a $180.00 target price on shares of Regal Rexnord and gave the company an "overweight" rating in a research note on Thursday. Barclays raised their price target on shares of Regal Rexnord from $155.00 to $160.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. 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. Citigroup reaffirmed a "buy" rating and issued a $165.00 price target (up previously from $145.00) on shares of Regal Rexnord in a research note on Tuesday. Finally, The Goldman Sachs Group reduced their price target on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $180.63.

Regal Rexnord Stock Down 0.2%

Regal Rexnord stock traded down $0.31 during midday trading on Friday, hitting $146.69. 1,402,624 shares of the company's stock were exchanged, compared to its average volume of 588,358. 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 Corporation has a 12 month low of $90.56 and a 12 month high of $185.28. The firm has a 50-day moving average of $131.67 and a two-hundred day moving average of $134.59. The company has a market cap of $9.73 billion, a PE ratio of 41.79, a P/E/G ratio of 1.48 and a beta of 1.16.

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, topping 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 company had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the business earned $2.00 EPS. The firm's quarterly revenue was down 8.4% on a year-over-year basis. As a group, analysts expect that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Monday, June 30th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Monday, June 30th. Regal Rexnord's dividend payout ratio is currently 39.89%.

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.