Victory Capital Management Inc. Increases Position in Regal Rexnord Corporation (NYSE:RRX)

Victory Capital Management Inc. increased its position in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 11.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,436,848 shares of the company's stock after purchasing an additional 259,885 shares during the period. Victory Capital Management Inc. owned 3.68% of Regal Rexnord worth $277,435,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Jefferies Financial Group Inc. bought a new stake in Regal Rexnord during the fourth quarter worth about $1,427,000. JPMorgan Chase & Co. grew its stake in shares of Regal Rexnord by 56.8% in the 4th quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock worth $106,106,000 after buying an additional 247,673 shares during the last quarter. Norges Bank bought a new position in Regal Rexnord during the 4th quarter valued at approximately $235,188,000. Jones Financial Companies Lllp increased its position in Regal Rexnord by 90.5% during the 4th quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock valued at $50,000 after buying an additional 153 shares in the last quarter. Finally, Polar Asset Management Partners Inc. purchased a new position in Regal Rexnord during the fourth quarter valued at $9,463,000. Hedge funds and other institutional investors own 99.72% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Barclays upped their price target 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. The Goldman Sachs Group upped their target price on shares of Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. 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 report on Tuesday, June 24th. KeyCorp set a $180.00 price objective on Regal Rexnord and gave the company an "overweight" rating in a research report on Thursday, June 26th. Finally, Robert W. Baird lifted their target price on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $185.25.

Regal Rexnord Stock Performance

Shares of NYSE RRX traded up $6.78 during midday trading on Thursday, hitting $152.73. 396,384 shares of the stock traded hands, compared to its average volume of 602,110. The firm has a market capitalization of $10.13 billion, a P/E ratio of 43.48, a PEG ratio of 1.48 and a beta of 1.17. 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 quick ratio of 1.21 and a current ratio of 2.26. The firm has a 50-day moving average of $142.08 and a two-hundred day moving average of $133.74.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, beating 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 return on equity of 9.67% and a net margin of 3.96%. Regal Rexnord's revenue was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.00 earnings per share. On average, equities analysts forecast that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 14th. Investors of record on Monday, June 30th were given a dividend of $0.35 per share. The ex-dividend date was Monday, June 30th. This represents a $1.40 annualized dividend and a yield of 0.92%. Regal Rexnord's dividend payout ratio (DPR) is 39.89%.

Insider Buying and Selling

In other news, CEO Louis V. Pinkham sold 10,593 shares of the business's stock in a transaction on 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. The trade was a 5.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.82% of the company's stock.

About Regal Rexnord

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.