Regal Rexnord Corporation $RRX Stake Reduced by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services Co. cut its stake in Regal Rexnord by 18.8% to 2,174,624 shares (3.28% of the company), worth about $305.1 million after selling 502,677 shares in Q4.
• Insiders have been selling: CFO Robert Rehard and CEO Louis V. Pinkham recently sold 7,704 and 36,728 shares respectively, and insiders disposed of 53,451 shares (~$11.39M) over the past three months, leaving insider ownership at 0.63%.
• Regal Rexnord beat Q4 EPS estimates ($2.51 vs. $2.47) while revenue slightly missed, declared a quarterly dividend of $0.35 (annual $1.40, yield 0.7%), and analysts have raised targets with an average price objective of $228.50.

Massachusetts Financial Services Co. MA cut its stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 18.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,174,624 shares of the company's stock after selling 502,677 shares during the period. Massachusetts Financial Services Co. MA owned 3.28% of Regal Rexnord worth $305,143,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in RRX. Whalen Wealth Management Inc. grew its position in shares of Regal Rexnord by 64.2% during the fourth quarter. Whalen Wealth Management Inc. now owns 2,425 shares of the company's stock worth $340,000 after acquiring an additional 948 shares during the last quarter. Polianta Ltd raised its holdings in shares of Regal Rexnord by 5.5% during the fourth quarter. Polianta Ltd now owns 9,600 shares of the company's stock valued at $1,347,000 after buying an additional 500 shares during the last quarter. Thompson Investment Management Inc. raised its stake in Regal Rexnord by 1.1% during the 4th quarter. Thompson Investment Management Inc. now owns 24,603 shares of the company's stock valued at $3,452,000 after acquiring an additional 258 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in Regal Rexnord during the 4th quarter valued at $5,879,000. Finally, Fort Washington Investment Advisors Inc. OH raised its stake in Regal Rexnord by 65.1% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 158,582 shares of the company's stock valued at $22,252,000 after acquiring an additional 62,530 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors.

Regal Rexnord Stock Up 0.5%

Shares of Regal Rexnord stock opened at $208.69 on Friday. The stock's fifty day moving average is $200.11 and its 200-day moving average is $164.50. The firm has a market capitalization of $13.89 billion, a PE ratio of 49.69, a price-to-earnings-growth ratio of 1.94 and a beta of 1.11. The company has a quick ratio of 1.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.70. Regal Rexnord Corporation has a 12-month low of $93.11 and a 12-month high of $229.30.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $2.47 by $0.04. Regal Rexnord had a return on equity of 9.60% and a net margin of 4.71%.The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the company posted $2.34 earnings per share. Regal Rexnord's revenue for the quarter was up 4.3% compared to the same quarter last year. Equities analysts anticipate that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. Regal Rexnord's payout ratio is currently 33.33%.

Insiders Place Their Bets

In other news, CFO Robert Rehard sold 7,704 shares of Regal Rexnord stock in a transaction on Monday, February 9th. The stock was sold at an average price of $216.72, for a total transaction of $1,669,610.88. Following the transaction, the chief financial officer owned 34,154 shares in the company, valued at approximately $7,401,854.88. The trade was a 18.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Louis V. Pinkham sold 36,728 shares of the company's stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $215.52, for a total value of $7,915,618.56. Following the completion of the transaction, the chief executive officer directly owned 83,337 shares in the company, valued at approximately $17,960,790.24. The trade was a 30.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 53,451 shares of company stock worth $11,386,689. 0.63% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have weighed in on RRX shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Regal Rexnord in a research note on Thursday, January 22nd. Citigroup boosted their price objective on Regal Rexnord from $180.00 to $230.00 and gave the stock a "buy" rating in a research note on Monday, February 9th. The Goldman Sachs Group boosted their price objective on Regal Rexnord from $170.00 to $230.00 and gave the stock a "buy" rating in a research note on Monday, February 9th. Barclays boosted their price objective on Regal Rexnord from $237.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, March 23rd. Finally, Oppenheimer boosted their target price on Regal Rexnord from $180.00 to $225.00 and gave the stock an "outperform" rating in a research report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $228.50.

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.

Want to see what other hedge funds are holding RRX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Regal Rexnord Corporation (NYSE:RRX - Free Report).

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.