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

Jennison Associates LLC increased its position in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 2.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 180,607 shares of the company's stock after acquiring an additional 4,905 shares during the quarter. Jennison Associates LLC owned about 0.27% of Regal Rexnord worth $20,562,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RRX. Norges Bank purchased a new position in shares of Regal Rexnord during the fourth quarter worth approximately $235,188,000. Nuveen Asset Management LLC raised its stake in shares of Regal Rexnord by 79.8% during the fourth quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company's stock worth $139,569,000 after acquiring an additional 399,267 shares in the last quarter. Cartenna Capital LP purchased a new position in shares of Regal Rexnord in the fourth quarter worth $55,900,000. Alyeska Investment Group L.P. increased its stake in shares of Regal Rexnord by 425.4% in the fourth 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 period. Finally, Victory Capital Management Inc. increased its stake in shares of Regal Rexnord by 11.9% in the first quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company's stock worth $277,435,000 after buying an additional 259,885 shares during the period. 99.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RRX shares. Citigroup reaffirmed a "buy" rating and issued a $165.00 target price (up from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. 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. Barclays lifted their target price on shares of Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Wall Street Zen raised shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, Robert W. Baird boosted their price objective on shares of Regal Rexnord from $167.00 to $172.00 and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $185.25.

Insider Transactions at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of the company'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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.82% of the company's stock.

Regal Rexnord Stock Up 0.4%

Regal Rexnord stock traded up $0.62 during mid-day trading on Tuesday, reaching $149.38. The stock had a trading volume of 587,830 shares, compared to its average volume of 605,168. The company has a market capitalization of $9.91 billion, a price-to-earnings ratio of 42.56, a PEG ratio of 1.54 and a beta of 1.17. The company has a 50-day moving average price of $142.91 and a two-hundred day moving average price of $133.36. Regal Rexnord Corporation has a one year low of $90.56 and a one year high of $185.28. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.26 and a quick ratio of 1.21.

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

Regal Rexnord Dividend Announcement

The business also recently announced 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. This represents a $1.40 annualized dividend and a yield of 0.94%. Regal Rexnord's dividend payout ratio is currently 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.