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

Pacer Advisors Inc. decreased its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 61.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cetera Investment Advisers lifted its holdings in shares of 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 during the last quarter. Avantax Advisory Services Inc. increased its position in Regal Rexnord by 19.7% during the 1st quarter. Avantax Advisory Services Inc. now owns 3,152 shares of the company's stock valued at $359,000 after buying an additional 519 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in Regal Rexnord by 6.0% in the first quarter. Diamond Hill Capital Management Inc. now owns 3,083,622 shares of the company's stock valued at $351,070,000 after buying an additional 175,273 shares during the last quarter. Oak Thistle LLC boosted its holdings in Regal Rexnord by 101.5% in the first quarter. Oak Thistle LLC now owns 3,208 shares of the company's stock worth $365,000 after acquiring an additional 1,616 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Regal Rexnord during the first quarter worth about $1,649,000. Hedge funds and other institutional investors own 99.72% of the company's stock.

Insider Transactions at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of Regal Rexnord stock in a transaction on 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 completion of the transaction, the chief executive officer owned 175,954 shares of the company's stock, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.82% of the company's stock.

Regal Rexnord Price Performance

Shares of RRX opened at $152.90 on Friday. The business's 50-day moving average is $144.91 and its two-hundred day moving average is $133.66. The company has a market capitalization of $10.14 billion, a P/E ratio of 43.56, a P/E/G ratio of 1.56 and a beta of 1.17. Regal Rexnord Corporation has a fifty-two week low of $90.56 and a fifty-two week high of $185.28. 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 posted its earnings results on Monday, May 5th. The company reported $2.15 EPS for the quarter, topping the consensus estimate of $1.82 by $0.33. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the company earned $2.00 earnings per share. Regal Rexnord's revenue for the quarter was down 8.4% compared to the same quarter last year. Research analysts predict 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. Investors of record on Tuesday, September 30th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 0.9%. Regal Rexnord's dividend payout ratio is 39.89%.

Analysts Set New Price Targets

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

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.

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