Peregrine Capital Management LLC Acquires New Position in Regal Rexnord Corporation $RRX

Key Points

• Peregrine Capital Management opened a new position in Regal Rexnord during Q1, buying 45,709 shares worth about $8.56 million and owning roughly 0.07% of the company.
• Insiders sold shares recently, including CFO Robert Rehard and CEO Louis V. Pinkham, with total insider selling in the last quarter reaching 30,305 shares valued at about $6.34 million.
• Regal Rexnord reported better-than-expected quarterly results with EPS of $2.17 and revenue of $1.48 billion, and it also announced a quarterly dividend of $0.35 per share.

Peregrine Capital Management LLC acquired a new position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 45,709 shares of the company's stock, valued at approximately $8,559,000. Peregrine Capital Management LLC owned approximately 0.07% of Regal Rexnord at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its holdings in Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company's stock valued at $27,000 after buying an additional 49 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Regal Rexnord by 6.5% during the 4th quarter. Parallel Advisors LLC now owns 888 shares of the company's stock worth $125,000 after acquiring an additional 54 shares in the last quarter. Northwestern Mutual Investment Management Company LLC grew its holdings in shares of Regal Rexnord by 0.4% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 14,855 shares of the company's stock worth $2,084,000 after acquiring an additional 60 shares during the period. UMB Bank n.a. grew its holdings in shares of Regal Rexnord by 6.2% in the 4th quarter. UMB Bank n.a. now owns 1,023 shares of the company's stock worth $144,000 after acquiring an additional 60 shares during the period. Finally, Fifth Third Wealth Advisors LLC increased its stake in Regal Rexnord by 3.2% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 2,092 shares of the company's stock valued at $392,000 after purchasing an additional 65 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Regal Rexnord news, CFO Robert Rehard sold 6,499 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $200.00, for a total value of $1,299,800.00. Following the transaction, the chief financial officer directly owned 27,965 shares in the company, valued at approximately $5,593,000. This represents a 18.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Louis V. Pinkham sold 22,509 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the sale, the chief executive officer directly owned 56,749 shares in the company, valued at $12,012,628.32. This represents a 28.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 30,305 shares of company stock worth $6,341,869. 0.63% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have commented on RRX shares. DA Davidson assumed coverage on Regal Rexnord in a research report on Tuesday, June 16th. They set a "buy" rating and a $260.00 target price on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Regal Rexnord in a research report on Tuesday, April 21st. Wall Street Zen downgraded Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 28th. Citigroup boosted their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock a "buy" rating in a research report on Monday, April 13th. Finally, Barclays boosted their price objective on shares of Regal Rexnord from $237.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday, March 23rd. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $237.80.

Regal Rexnord Price Performance

RRX stock opened at $238.12 on Wednesday. Regal Rexnord Corporation has a 1 year low of $127.96 and a 1 year high of $239.00. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 2.17. The stock's 50 day moving average price is $211.57 and its 200 day moving average price is $191.34. The firm has a market cap of $15.85 billion, a P/E ratio of 55.38, a PEG ratio of 2.07 and a beta of 1.11.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.06. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the business posted $2.15 earnings per share. Regal Rexnord's revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts expect that Regal Rexnord Corporation will post 10.64 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.6%. Regal Rexnord's dividend payout ratio (DPR) is presently 32.56%.

Regal Rexnord Company Profile

Regal Rexnord Corporation NYSE: RRX is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company's operations are organized into multiple business segments that address distinct customer needs.

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