Sit Investment Associates Inc. Has $1.37 Million Position in Regal Rexnord Corporation $RRX

Key Points

• Sit Investment Associates Inc. has increased its holdings in Regal Rexnord Corporation by 21.6%, now owning a total of 12,053 shares valued at approximately $1.37 million.
• Several analysts, including Goldman Sachs and Citigroup, have raised their target prices for Regal Rexnord stock, with a consensus price target now at $185.25.
• Regal Rexnord recently declared a quarterly dividend of $0.35 per share, which translates to an annualized yield of 1.0%.

Sit Investment Associates Inc. grew its stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 21.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,053 shares of the company's stock after acquiring an additional 2,140 shares during the quarter. Sit Investment Associates Inc.'s holdings in Regal Rexnord were worth $1,372,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Diamond Hill Capital Management Inc. increased its stake in shares of Regal Rexnord by 6.0% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 3,083,622 shares of the company's stock valued at $351,070,000 after acquiring an additional 175,273 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Regal Rexnord by 4.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,882,369 shares of the company's stock worth $328,158,000 after purchasing an additional 115,564 shares in the last quarter. Victory Capital Management Inc. increased its position in Regal Rexnord by 11.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company's stock worth $277,435,000 after purchasing an additional 259,885 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Regal Rexnord by 3.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,332,621 shares of the company's stock worth $206,729,000 after purchasing an additional 42,704 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Regal Rexnord during the 1st quarter worth approximately $117,996,000. Institutional investors and hedge funds own 99.72% of the company's stock.

Analyst Ratings Changes

RRX has been the subject of a number of analyst reports. 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 report on Tuesday, July 8th. Citigroup restated a "buy" rating and set a $165.00 price objective (up from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Wall Street Zen cut Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Robert W. Baird raised their price objective on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Finally, KeyCorp set a $180.00 price objective on Regal Rexnord and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Eight analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $185.25.

Regal Rexnord Price Performance

NYSE:RRX traded down $3.6240 during mid-day trading on Wednesday, reaching $144.8460. 406,610 shares of the stock were exchanged, compared to its average volume of 763,110. The business has a fifty day moving average price of $147.43 and a 200 day moving average price of $132.14. The firm has a market capitalization of $9.61 billion, a PE ratio of 38.54, 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 current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72.

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

Regal Rexnord Announces Dividend

The company also recently disclosed 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. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 30th. Regal Rexnord's dividend payout ratio (DPR) is presently 37.23%.

Regal Rexnord Company 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.