Jennison Associates LLC Boosts Stake in Regal Rexnord Corporation (NYSE:RRX)

Jennison Associates LLC boosted its holdings in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 2.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 180,607 shares of the company's stock after buying an additional 4,905 shares during the quarter. Jennison Associates LLC owned approximately 0.27% of Regal Rexnord worth $20,562,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. HighTower Advisors LLC increased its holdings in Regal Rexnord by 34.9% in the 4th quarter. HighTower Advisors LLC now owns 3,306 shares of the company's stock worth $513,000 after purchasing an additional 855 shares in the last quarter. Avantax Advisory Services Inc. lifted its holdings in Regal Rexnord by 6.4% during the 4th quarter. Avantax Advisory Services Inc. now owns 2,633 shares of the company's stock worth $408,000 after buying an additional 158 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Regal Rexnord by 13.1% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,626 shares of the company's stock worth $407,000 after buying an additional 305 shares during the period. Xponance Inc. lifted its holdings in Regal Rexnord by 7.9% during the 4th quarter. Xponance Inc. now owns 7,746 shares of the company's stock worth $1,202,000 after buying an additional 570 shares during the period. Finally, Teacher Retirement System of Texas lifted its holdings in Regal Rexnord by 141.6% during the 4th quarter. Teacher Retirement System of Texas now owns 8,118 shares of the company's stock worth $1,259,000 after buying an additional 4,758 shares during the period. 99.72% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 10,593 shares of Regal Rexnord stock in a transaction dated Thursday, May 15th. The stock was 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 owned 175,954 shares of the company's stock, valued at approximately $24,691,624.82. This trade represents a 5.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.82% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Barclays increased their price target on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Citigroup reiterated a "buy" rating and set a $165.00 price target (up from $145.00) on shares of Regal Rexnord in a report on Tuesday, June 24th. The Goldman Sachs Group upped their price objective on shares of Regal Rexnord from $173.00 to $195.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Finally, KeyCorp set a $180.00 price objective on shares of Regal Rexnord and gave the company an "overweight" rating in a report on Thursday, June 26th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $185.25.

Regal Rexnord Stock Performance

Shares of NYSE:RRX traded up $2.67 during midday trading on Wednesday, reaching $151.90. The company had a trading volume of 310,600 shares, compared to its average volume of 604,857. The company's 50 day moving average price is $142.91 and its 200 day moving average price is $133.36. The company has a current ratio of 2.26, a quick ratio of 1.21 and a debt-to-equity ratio of 0.82. The stock has a market cap of $10.08 billion, a P/E ratio of 43.32, a P/E/G ratio of 1.51 and a beta of 1.17. Regal Rexnord Corporation has a 52-week low of $90.56 and a 52-week high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.82 by $0.33. The company had revenue of $1.42 billion for 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 firm's quarterly revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.00 EPS. As a group, sell-side analysts anticipate that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend is Tuesday, September 30th. Regal Rexnord's dividend payout ratio (DPR) is currently 39.89%.

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.