Phoenix Financial Ltd. Makes New Investment in Regal Rexnord Corporation $RRX

Key Points

• Phoenix Financial Ltd. has acquired 4,645 shares of Regal Rexnord Corporation valued at approximately $673,000 during Q2 2023.
• Analysts maintain a consensus rating of "Moderate Buy" for Regal Rexnord, with an average price target of $180.38, despite recent downgrades by some firms.
• Regal Rexnord recently announced a quarterly dividend of $0.35 per share, which will be paid on January 14th, representing a 1.0% yield.

Phoenix Financial Ltd. bought a new position in Regal Rexnord Corporation (NYSE:RRX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,645 shares of the company's stock, valued at approximately $673,000.

A number of other institutional investors and hedge funds have also modified their holdings of RRX. Nordea Investment Management AB bought a new stake in shares of Regal Rexnord in the 2nd quarter worth $224,889,000. Nuveen LLC bought a new stake in shares of Regal Rexnord in the 1st quarter worth $117,996,000. Invesco Ltd. increased its holdings in shares of Regal Rexnord by 76.3% in the 1st quarter. Invesco Ltd. now owns 932,829 shares of the company's stock worth $106,203,000 after purchasing an additional 403,845 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Regal Rexnord by 30.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company's stock worth $194,955,000 after purchasing an additional 396,737 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Regal Rexnord by 11.9% in the 1st quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company's stock worth $277,435,000 after purchasing an additional 259,885 shares in the last quarter. Institutional investors own 99.72% of the company's stock.

Wall Street Analysts Forecast Growth

RRX has been the subject of a number of research analyst reports. Barclays reduced their target price on Regal Rexnord from $163.00 to $161.00 and set an "overweight" rating for the company in a report on Tuesday, September 16th. Weiss Ratings restated a "hold (c)" rating on shares of Regal Rexnord in a research note on Wednesday, October 8th. Wall Street Zen downgraded Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research note on Sunday, September 21st. KeyCorp dropped their price target on Regal Rexnord from $180.00 to $170.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 14th. Finally, JPMorgan Chase & Co. initiated coverage on Regal Rexnord in a research note on Monday, September 15th. They issued an "overweight" rating and a $200.00 price target on the stock. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Regal Rexnord has a consensus rating of "Moderate Buy" and an average target price of $180.38.

Regal Rexnord Price Performance

NYSE RRX opened at $141.34 on Thursday. The company has a market capitalization of $9.38 billion, a PE ratio of 37.59, a price-to-earnings-growth ratio of 1.48 and a beta of 1.16. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 2.00. The business's fifty day moving average is $145.01 and its 200 day moving average is $137.61. Regal Rexnord Corporation has a fifty-two week low of $90.56 and a fifty-two week high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its earnings results on Friday, September 8th. The company reported $2.76 earnings per share for the quarter. The company had revenue of $1.85 billion for the quarter. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. Sell-side analysts predict that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 14th. Investors of record on Wednesday, December 31st will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, December 31st. This represents a $1.40 annualized dividend and a yield of 1.0%. Regal Rexnord's payout ratio is 37.23%.

Regal Rexnord Company 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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