Principal Financial Group Inc. Lowers Position in Regal Rexnord Corporation (NYSE:RRX)

Principal Financial Group Inc. lowered its holdings in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 2.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 661,621 shares of the company's stock after selling 17,876 shares during the period. Principal Financial Group Inc. owned 1.00% of Regal Rexnord worth $75,326,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Regal Rexnord by 472.4% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company's stock worth $25,000 after acquiring an additional 137 shares during the period. Bernard Wealth Management Corp. acquired a new stake in shares of Regal Rexnord in the 4th quarter worth $30,000. Golden State Wealth Management LLC lifted its stake in shares of Regal Rexnord by 106.2% in the 1st quarter. Golden State Wealth Management LLC now owns 268 shares of the company's stock worth $31,000 after acquiring an additional 138 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in shares of Regal Rexnord in the 4th quarter worth $33,000. Finally, Jones Financial Companies Lllp lifted its stake in shares of Regal Rexnord by 90.5% in the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock valued at $50,000 after purchasing an additional 153 shares during the period. Institutional investors and hedge funds own 99.72% of the company's stock.

Insider Activity at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 10,593 shares of the business'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 value of $1,486,515.69. Following the completion of the sale, the chief executive officer directly owned 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.82% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on RRX shares. KeyCorp set a $180.00 price objective on shares of Regal Rexnord and gave the company an "overweight" rating in a research note on Thursday, June 26th. Barclays raised their price objective on shares of Regal Rexnord from $155.00 to $160.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Citigroup reiterated a "buy" rating and issued a $165.00 price objective (up previously from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Wall Street Zen upgraded shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, The Goldman Sachs Group reduced their price objective on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $180.63.

Regal Rexnord Price Performance

NYSE:RRX traded down $0.07 during mid-day trading on Friday, hitting $151.70. 585,581 shares of the company's stock traded hands, compared to its average volume of 595,214. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.21 and a current ratio of 2.26. The firm's 50 day simple moving average is $136.32 and its 200 day simple moving average is $134.04. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $185.28. The company has a market cap of $10.06 billion, a PE ratio of 43.22, a price-to-earnings-growth ratio of 1.54 and a beta of 1.17.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $2.15 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $0.33. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. Regal Rexnord had a net margin of 3.96% and a return on equity of 9.67%. The company's quarterly revenue was down 8.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.00 earnings per share. Sell-side analysts expect that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.35 per share. The ex-dividend date is Monday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.92%. 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.