Regal Rexnord Corporation (NYSE:RRX) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. cut its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 94.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,271 shares of the company's stock after selling 112,258 shares during the quarter. Federated Hermes Inc.'s holdings in Regal Rexnord were worth $714,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Kovitz Investment Group Partners LLC lifted its stake in shares of Regal Rexnord by 3.8% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 2,382 shares of the company's stock worth $370,000 after purchasing an additional 87 shares during the period. Advisory Research Inc. boosted its stake in Regal Rexnord by 1.5% in the 4th quarter. Advisory Research Inc. now owns 6,710 shares of the company's stock worth $1,041,000 after buying an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in Regal Rexnord by 0.7% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,549 shares of the company's stock valued at $1,543,000 after buying an additional 100 shares during the period. Cetera Investment Advisers raised its stake in Regal Rexnord by 3.6% during the first quarter. Cetera Investment Advisers now owns 2,920 shares of the company's stock worth $332,000 after purchasing an additional 102 shares during the period. Finally, Greenleaf Trust grew its stake in shares of Regal Rexnord by 2.1% during the 1st quarter. Greenleaf Trust now owns 5,187 shares of the company's stock valued at $591,000 after buying an additional 105 shares during the period. Hedge funds and other institutional investors own 99.72% of the company's stock.

Insider Buying and Selling

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 transaction, the chief executive officer owned 175,954 shares in the company, valued at approximately $24,691,624.82. This represents a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on RRX. The Goldman Sachs Group upped their price target on Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Barclays raised their target price on shares of Regal Rexnord from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Citigroup reissued a "buy" rating and issued a $165.00 price objective (up from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Robert W. Baird upped their target price on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Finally, KeyCorp set a $180.00 price objective on shares of Regal Rexnord and gave the company an "overweight" rating in a research report on Thursday, June 26th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Regal Rexnord presently has an average rating of "Buy" and an average price target of $185.25.

Regal Rexnord Price Performance

RRX opened at $141.01 on Friday. The company has a market capitalization of $9.35 billion, a P/E ratio of 37.50, a PEG ratio of 1.48 and a beta of 1.18. Regal Rexnord Corporation has a 1-year low of $90.56 and a 1-year high of $185.28. The company has a 50-day moving average of $146.19 and a 200-day moving average of $133.28. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.21 and a current ratio of 2.00.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $2.48 EPS for the quarter, topping analysts' consensus estimates of $2.42 by $0.06. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the business posted $2.29 EPS. Regal Rexnord's quarterly revenue was down 3.3% compared to the same quarter last year. Equities analysts expect that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 30th. Regal Rexnord's dividend payout ratio is presently 37.23%.

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.

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