Comerica Bank Purchases 21,930 Shares of Regal Rexnord Corporation $RRX

Key Points

• Comerica Bank has increased its holdings in Regal Rexnord Corporation (NYSE:RRX) by 11.4%, now owning 214,771 shares valued at approximately $24.45 million.
• Regal Rexnord reported earnings per share of $2.48 for the last quarter, exceeding analysts' expectations, but experienced a 3.3% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.35 per share, with an ex-dividend date set for September 30th, representing an annualized yield of 0.9%.

Comerica Bank grew its holdings in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 11.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 214,771 shares of the company's stock after acquiring an additional 21,930 shares during the quarter. Comerica Bank owned about 0.32% of Regal Rexnord worth $24,452,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in RRX. Jefferies Financial Group Inc. bought a new stake in Regal Rexnord during the fourth quarter worth approximately $1,427,000. Avantax Advisory Services Inc. increased its position in shares of Regal Rexnord by 19.7% during the 1st quarter. Avantax Advisory Services Inc. now owns 3,152 shares of the company's stock valued at $359,000 after purchasing an additional 519 shares during the period. Polar Asset Management Partners Inc. bought a new stake in shares of Regal Rexnord in the 4th quarter worth $9,463,000. Pinebridge Investments L.P. grew its holdings in Regal Rexnord by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 19,024 shares of the company's stock worth $2,951,000 after acquiring an additional 5,693 shares during the period. Finally, Polianta Ltd raised its position in Regal Rexnord by 33.8% in the first quarter. Polianta Ltd now owns 9,100 shares of the company's stock worth $1,036,000 after acquiring an additional 2,300 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RRX shares. Robert W. Baird lifted their price objective on shares of Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. KeyCorp set a $180.00 price target on shares of Regal Rexnord and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Wall Street Zen raised Regal Rexnord from a "buy" rating to a "strong-buy" rating in a report on Sunday. The Goldman Sachs Group raised their price objective on Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Finally, Barclays boosted their target price on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Eight equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $185.25.

Regal Rexnord Stock Up 0.1%

Shares of NYSE RRX traded up $0.14 during mid-day trading on Thursday, reaching $152.86. The company had a trading volume of 560,575 shares, compared to its average volume of 760,144. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 2.00. The company has a market capitalization of $10.15 billion, a price-to-earnings ratio of 40.66, a PEG ratio of 1.52 and a beta of 1.18. The stock has a fifty day moving average of $148.80 and a two-hundred day moving average of $132.42. Regal Rexnord Corporation has a 12-month low of $90.56 and a 12-month high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $2.48 earnings per share for the quarter, beating the consensus estimate of $2.42 by $0.06. Regal Rexnord had a net margin of 4.28% and a return on equity of 9.73%. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the business earned $2.29 EPS. The company's revenue for the quarter was down 3.3% compared to the same quarter last year. Regal Rexnord has set its FY 2025 guidance at 9.700-10.300 EPS. As a group, equities research analysts expect that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. Regal Rexnord's dividend payout ratio (DPR) is currently 37.23%.

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.