Regal Rexnord Corporation $RRX Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 115.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,836,264 shares of the company's stock after acquiring an additional 984,185 shares during the quarter. Bank of New York Mellon Corp owned about 2.76% of Regal Rexnord worth $343,859,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Covestor Ltd boosted its stake in Regal Rexnord by 81.6% during the fourth quarter. Covestor Ltd now owns 178 shares of the company's stock valued at $25,000 after buying an additional 80 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Regal Rexnord by 135.1% in the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company's stock worth $25,000 after acquiring an additional 127 shares in the last quarter. Garner Asset Management Corp acquired a new stake in Regal Rexnord in the 4th quarter valued at about $27,000. IFP Advisors Inc boosted its position in shares of Regal Rexnord by 34.0% during the 4th quarter. IFP Advisors Inc now owns 193 shares of the company's stock valued at $27,000 after purchasing an additional 49 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in shares of Regal Rexnord during the 3rd quarter valued at about $35,000. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Regal Rexnord in a research note on Tuesday, April 21st. Oppenheimer reaffirmed an "outperform" rating on shares of Regal Rexnord in a report on Friday, July 10th. JPMorgan Chase & Co. lifted their target price on Regal Rexnord from $230.00 to $240.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Wolfe Research set a $250.00 price target on Regal Rexnord in a research report on Thursday, July 9th. Finally, DA Davidson initiated coverage on Regal Rexnord in a research note on Tuesday, June 16th. They issued a "buy" rating and a $260.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Regal Rexnord has a consensus rating of "Moderate Buy" and a consensus target price of $243.45.

Insider Transactions at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 22,509 shares of Regal Rexnord stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $211.68, for a total value of $4,764,705.12. Following the completion of the sale, the chief executive officer directly owned 56,749 shares in the company, valued at $12,012,628.32. The trade was a 28.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Rehard sold 6,499 shares of Regal Rexnord stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the completion of the sale, the chief financial officer directly owned 27,965 shares of the company's stock, valued at approximately $5,593,000. The trade was a 18.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,305 shares of company stock valued at $6,341,869 in the last three months. Corporate insiders own 0.63% of the company's stock.

Regal Rexnord Price Performance

Shares of RRX opened at $207.29 on Friday. The business's 50-day moving average is $211.75 and its 200-day moving average is $197.27. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.17 and a quick ratio of 1.08. The company has a market capitalization of $13.80 billion, a price-to-earnings ratio of 48.21, a P/E/G ratio of 1.99 and a beta of 1.08. Regal Rexnord Corporation has a fifty-two week low of $127.96 and a fifty-two week high of $247.80.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.11 by $0.06. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the firm earned $2.15 EPS. The company's revenue was up 4.3% compared to the same quarter last year. Equities research analysts expect that Regal Rexnord Corporation will post 10.64 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, June 30th. Regal Rexnord's dividend payout ratio is presently 32.56%.

Regal Rexnord Profile

Regal Rexnord Corporation NYSE: RRX is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company's operations are organized into multiple business segments that address distinct customer needs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.