Regal Rexnord Corporation $RRX Shares Acquired by Geode Capital Management LLC

Key Points

• Geode Capital Management increased its stake in Regal Rexnord by 4.7% in the fourth quarter, and institutional ownership remains very high at 99.72% of the shares outstanding.
• Insiders sold shares recently, including CEO Louis V. Pinkham and CFO Robert Rehard, with total insider sales over the past 90 days amounting to 30,305 shares worth about $6.34 million.
• Analysts remain constructive on RRX: the stock carries a “Moderate Buy” consensus, with six Buy ratings and an average price target of $232.25, while the company also topped quarterly EPS and revenue estimates in its latest earnings report.

Geode Capital Management LLC increased its position in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 4.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,231,262 shares of the company's stock after purchasing an additional 55,797 shares during the period. Geode Capital Management LLC owned 1.85% of Regal Rexnord worth $172,806,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. AIA Group Ltd acquired a new position in Regal Rexnord in the third quarter worth about $1,477,000. Oppenheimer Asset Management Inc. grew its stake in Regal Rexnord by 475.2% in the third quarter. Oppenheimer Asset Management Inc. now owns 21,991 shares of the company's stock worth $3,154,000 after purchasing an additional 18,168 shares in the last quarter. American Century Companies Inc. bought a new stake in shares of Regal Rexnord during the 3rd quarter valued at about $47,778,000. Teachers Retirement System of The State of Kentucky grew its position in shares of Regal Rexnord by 55.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 124,005 shares of the company's stock valued at $17,788,000 after buying an additional 44,100 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Regal Rexnord by 97.0% during the third quarter. JPMorgan Chase & Co. now owns 260,853 shares of the company's stock worth $37,419,000 after acquiring an additional 128,468 shares during the period. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 22,509 shares of the firm's 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 sale, the chief executive officer owned 56,749 shares in the company, valued at approximately $12,012,628.32. This trade represents a 28.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Rehard sold 6,499 shares of the firm's stock in a transaction that occurred 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 owned 27,965 shares in the company, valued at $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. Over the last 90 days, insiders have sold 30,305 shares of company stock worth $6,341,869. 0.63% of the stock is owned by company insiders.

Analyst Ratings Changes

RRX has been the topic of a number of recent research reports. The Goldman Sachs Group raised their target price on shares of Regal Rexnord from $170.00 to $230.00 and gave the stock a "buy" rating in a report on Monday, February 9th. Barclays raised their target price on shares of Regal Rexnord from $237.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, March 23rd. Oppenheimer raised their target price on shares of Regal Rexnord from $180.00 to $225.00 and gave the stock an "outperform" rating in a report on Friday, February 6th. Citigroup raised their target price on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Finally, KeyCorp raised their target price on shares of Regal Rexnord from $255.00 to $265.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $232.25.

Regal Rexnord Stock Performance

Shares of NYSE RRX opened at $215.87 on Thursday. Regal Rexnord Corporation has a 52-week low of $127.96 and a 52-week high of $236.35. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $14.37 billion, a P/E ratio of 50.20, a P/E/G ratio of 2.01 and a beta of 1.11. The firm's 50-day moving average price is $202.17 and its two-hundred day moving average price is $180.96.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $2.17 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the business earned $2.15 earnings per share. Regal Rexnord's revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Regal Rexnord Corporation will post 10.63 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th will be paid a $0.35 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 0.6%. Regal Rexnord's dividend payout ratio (DPR) is presently 32.56%.

Regal Rexnord Company 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.

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