Polar Asset Management Partners Inc. Acquires Shares of 61,000 Regal Rexnord Co. (NYSE:RRX)

Polar Asset Management Partners Inc. acquired a new stake in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 61,000 shares of the company's stock, valued at approximately $9,463,000. Polar Asset Management Partners Inc. owned 0.09% of Regal Rexnord as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RRX. Norges Bank bought a new stake in Regal Rexnord during the fourth quarter valued at approximately $235,188,000. Nuveen Asset Management LLC raised its position in shares of Regal Rexnord by 79.8% during the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company's stock valued at $139,569,000 after buying an additional 399,267 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Regal Rexnord by 20.1% during the 4th quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company's stock worth $337,712,000 after acquiring an additional 363,728 shares during the last quarter. Cartenna Capital LP purchased a new stake in Regal Rexnord during the fourth quarter valued at about $55,900,000. Finally, Alyeska Investment Group L.P. lifted its position in Regal Rexnord by 425.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company's stock worth $62,060,000 after buying an additional 323,904 shares during the last quarter. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 10,593 shares of the business's 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 sale, the chief executive officer now owns 175,954 shares in the company, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.82% of the company's stock.

Regal Rexnord Price Performance

NYSE RRX traded down $2.62 on Wednesday, reaching $136.95. The company had a trading volume of 605,228 shares, compared to its average volume of 574,680. The firm's 50 day moving average price is $116.88 and its 200 day moving average price is $139.71. Regal Rexnord Co. has a 12 month low of $90.56 and a 12 month high of $185.28. The stock has a market capitalization of $9.08 billion, a PE ratio of 46.42, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.33. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.38 billion. Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. The business's quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.00 earnings per share. As a group, equities analysts predict that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend is Monday, June 30th. Regal Rexnord's payout ratio is 39.89%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. KeyCorp reduced their price target on Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Wall Street Zen raised Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. The Goldman Sachs Group decreased their price objective on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Barclays raised their price target on shares of Regal Rexnord from $155.00 to $160.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Finally, Citigroup boosted their target price on shares of Regal Rexnord from $110.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Regal Rexnord has an average rating of "Buy" and a consensus target price of $171.25.

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.