Pacer Advisors Inc. Lowers Position in Regal Rexnord Corporation (NYSE:RRX)

Key Points

• Pacer Advisors Inc. significantly reduced its stake in Regal Rexnord Corporation by 61.8%, selling 9,133 shares and now holding 5,650 shares valued at approximately $643,000.
• Analysts are optimistic about Regal Rexnord, with multiple firms raising their price targets, including Goldman Sachs increasing its target from $173 to $195 and Citigroup raising it from $145 to $165.
• The company recently declared a quarterly dividend of $0.35 per share, with the ex-dividend date set for September 30th, indicating a yield of 0.9%.

Pacer Advisors Inc. lowered its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 61.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,650 shares of the company's stock after selling 9,133 shares during the period. Pacer Advisors Inc.'s holdings in Regal Rexnord were worth $643,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Kovitz Investment Group Partners LLC increased its stake in shares of Regal Rexnord by 3.8% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 2,382 shares of the company's stock worth $370,000 after acquiring an additional 87 shares in the last quarter. Advisory Research Inc. increased its stake in Regal Rexnord by 1.5% during the 4th quarter. Advisory Research Inc. now owns 6,710 shares of the company's stock valued at $1,041,000 after purchasing an additional 98 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in Regal Rexnord by 0.7% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,549 shares of the company's stock valued at $1,543,000 after purchasing an additional 100 shares in the last quarter. Cetera Investment Advisers increased its stake in Regal Rexnord by 3.6% during the 1st quarter. Cetera Investment Advisers now owns 2,920 shares of the company's stock valued at $332,000 after purchasing an additional 102 shares in the last quarter. Finally, Greenleaf Trust increased its stake in Regal Rexnord by 2.1% during the 1st quarter. Greenleaf Trust now owns 5,187 shares of the company's stock valued at $591,000 after purchasing an additional 105 shares in the last quarter. Hedge funds and other institutional investors own 99.72% of the company's stock.

Insider Buying and Selling

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the firm's 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 owned 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. The Goldman Sachs Group raised 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. Barclays raised their price objective on shares of Regal Rexnord from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Citigroup restated a "buy" rating and set a $165.00 price objective (up from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Robert W. Baird raised their price target on shares of Regal Rexnord from $167.00 to $172.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. Finally, KeyCorp set a $180.00 price target on shares of Regal Rexnord and gave the company an "overweight" rating in a report on Thursday, June 26th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $185.25.

Regal Rexnord Stock Performance

Shares of RRX traded down $0.28 on Tuesday, reaching $147.23. The company's stock had a trading volume of 486,231 shares, compared to its average volume of 739,867. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.26 and a quick ratio of 1.21. The stock has a market capitalization of $9.77 billion, a P/E ratio of 41.88, a PEG ratio of 1.51 and a beta of 1.18. The stock's 50 day simple moving average is $145.81 and its two-hundred day simple moving average is $133.22. Regal Rexnord Corporation has a 12-month low of $90.56 and a 12-month high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the firm posted $2.00 earnings per share. The firm's revenue was down 8.4% compared to the same quarter last year. Research analysts forecast that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently announced 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. The ex-dividend date is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. Regal Rexnord's dividend payout ratio (DPR) is presently 39.89%.

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.