Regal Rexnord Corporation (NYSE:RRX) Stock Position Cut by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP has reduced its stake in Regal Rexnord Corporation by 12.1% during the first quarter, now holding about 1.51% worth approximately $113.98 million.
• In related news, CEO Louis V. Pinkham sold 10,593 shares for over $1.48 million, which led to a 5.68% decrease in his ownership in the company.
• Regal Rexnord announced a quarterly dividend of $0.35 per share, with an ex-dividend date of September 30th, representing a yield of 0.9%.

Westfield Capital Management Co. LP lowered its holdings in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 12.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,001,177 shares of the company's stock after selling 137,604 shares during the quarter. Westfield Capital Management Co. LP owned 1.51% of Regal Rexnord worth $113,984,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in RRX. US Bancorp DE raised its position in Regal Rexnord by 12.5% during the first quarter. US Bancorp DE now owns 1,828 shares of the company's stock worth $208,000 after acquiring an additional 203 shares during the last quarter. Bastion Asset Management Inc. acquired a new position in shares of Regal Rexnord during the 1st quarter worth approximately $5,582,000. Cetera Investment Advisers lifted its stake in Regal Rexnord by 3.6% in the 1st quarter. Cetera Investment Advisers now owns 2,920 shares of the company's stock valued at $332,000 after buying an additional 102 shares in the last quarter. Avantax Advisory Services Inc. grew its holdings in Regal Rexnord by 19.7% during the 1st quarter. Avantax Advisory Services Inc. now owns 3,152 shares of the company's stock valued at $359,000 after buying an additional 519 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings in shares of Regal Rexnord by 6.0% in the first quarter. Diamond Hill Capital Management Inc. now owns 3,083,622 shares of the company's stock worth $351,070,000 after acquiring an additional 175,273 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 dated Thursday, May 15th. The shares were sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the completion of the sale, the chief executive officer owned 175,954 shares of the company's stock, valued at $24,691,624.82. This represents a 5.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.82% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on RRX shares. Wall Street Zen raised Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. KeyCorp set a $180.00 target price on shares of Regal Rexnord and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Citigroup reissued a "buy" rating and set a $165.00 price target (up previously from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Barclays raised their price target on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Finally, The Goldman Sachs Group increased their price objective on shares of Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Regal Rexnord presently has a consensus rating of "Buy" and an average price target of $185.25.

Regal Rexnord Stock Down 1.3%

RRX traded down $1.99 during trading hours on Tuesday, reaching $145.52. 1,136,277 shares of the stock traded hands, compared to its average volume of 813,651. Regal Rexnord Corporation has a fifty-two week low of $90.56 and a fifty-two week high of $185.28. The company has a market cap of $9.65 billion, a price-to-earnings ratio of 41.46, a PEG ratio of 1.49 and a beta of 1.18. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.26 and a quick ratio of 1.21. The firm's fifty day simple moving average is $145.93 and its two-hundred day simple moving average is $133.30.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $2.48 EPS for the quarter, topping the consensus estimate of $2.40 by $0.08. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. The business's revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.29 EPS. As a group, analysts forecast that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.40 annualized dividend and a yield of 1.0%. Regal Rexnord's dividend payout ratio 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.