Principal Financial Group Inc. Sells 199,019 Shares of Regal Rexnord Corporation $RRX

Key Points

• Principal Financial Group cut its Regal Rexnord stake by 57.3% in the first quarter, selling 199,019 shares and leaving it with 148,140 shares worth about $27.7 million.
• Insider selling was notable, with CEO Louis V. Pinkham and Director Robin A. Walker-Lee both reducing their holdings in May; insiders have sold 30,305 shares worth about $6.34 million over the last three months.
• Regal Rexnord reported better-than-expected quarterly results, posting EPS of $2.17 and revenue of $1.48 billion, while analysts currently hold a consensus Moderate Buy rating with a $243.45 target price.

Principal Financial Group Inc. reduced its stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 57.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 148,140 shares of the company's stock after selling 199,019 shares during the quarter. Principal Financial Group Inc. owned 0.22% of Regal Rexnord worth $27,741,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RRX. JPMorgan Chase & Co. lifted its holdings in shares of Regal Rexnord by 97.0% in the third quarter. JPMorgan Chase & Co. now owns 260,853 shares of the company's stock valued at $37,419,000 after purchasing an additional 128,468 shares in the last quarter. Easterly Investment Partners LLC grew its holdings in shares of Regal Rexnord by 719.4% during the fourth quarter. Easterly Investment Partners LLC now owns 75,354 shares of the company's stock worth $10,574,000 after buying an additional 66,158 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Regal Rexnord by 42.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,793 shares of the company's stock valued at $3,619,000 after buying an additional 7,647 shares during the last quarter. Vontobel Holding Ltd. raised its position in Regal Rexnord by 5.2% in the 4th quarter. Vontobel Holding Ltd. now owns 276,266 shares of the company's stock valued at $38,766,000 after buying an additional 13,564 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Regal Rexnord by 42.6% in the 4th quarter. Victory Capital Management Inc. now owns 5,658,365 shares of the company's stock valued at $793,983,000 after acquiring an additional 1,690,264 shares in the last quarter. 99.72% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Louis V. Pinkham sold 22,509 shares of the business's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the transaction, the chief executive officer directly owned 56,749 shares in the company, valued at $12,012,628.32. The trade was a 28.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robin A. Walker-Lee sold 1,297 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $213.85, for a total transaction of $277,363.45. Following the completion of the sale, the director directly owned 5,503 shares in the company, valued at approximately $1,176,816.55. The trade was a 19.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 30,305 shares of company stock valued at $6,341,869. 0.63% of the stock is currently owned by corporate insiders.

Regal Rexnord Stock Up 0.2%

RRX stock opened at $207.29 on Monday. The company has a market cap of $13.80 billion, a price-to-earnings ratio of 48.21, a P/E/G ratio of 1.94 and a beta of 1.08. Regal Rexnord Corporation has a twelve month low of $127.96 and a twelve month high of $247.80. The business has a 50 day moving average price of $211.75 and a two-hundred day moving average price of $197.65. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69.

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

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, June 30th. Regal Rexnord's dividend payout ratio is 32.56%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RRX shares. KeyCorp raised their price target on shares of Regal Rexnord from $255.00 to $265.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Regal Rexnord in a research report on Tuesday, April 21st. Oppenheimer restated an "outperform" rating on shares of Regal Rexnord in a report on Friday, July 10th. DA Davidson initiated coverage on shares of Regal Rexnord in a research report on Tuesday, June 16th. They issued a "buy" rating and a $260.00 target price for the company. Finally, UBS Group set a $260.00 price target on shares of Regal Rexnord in a research note on Monday, June 15th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $243.45.

Regal Rexnord 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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