Regal Rexnord Corporation $RRX Shares Sold by Swiss National Bank

Key Points

• The Swiss National Bank reduced its holdings in Regal Rexnord Corporation by 1.9%, owning 128,317 shares valued at approximately $14.6 million after selling 2,500 shares in the 1st quarter.
• Analysts are optimistic about Regal Rexnord's outlook, with several increasing target prices, including Barclays raising it to $165 and Goldman Sachs to $195, both maintaining buy or overweight ratings.
• The company announced a quarterly dividend of $0.35 per share, representing an annual yield of 0.9%, with a payout ratio of 37.23% as of the most recent reporting period.

Swiss National Bank decreased its position in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 128,317 shares of the company's stock after selling 2,500 shares during the period. Swiss National Bank owned 0.19% of Regal Rexnord worth $14,609,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Headlands Technologies LLC purchased a new stake in shares of Regal Rexnord in the 1st quarter valued at approximately $81,000. Charles Schwab Investment Management Inc. increased its position in shares of Regal Rexnord by 2.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 442,186 shares of the company's stock valued at $50,343,000 after acquiring an additional 10,034 shares during the last quarter. Wealthspire Advisors LLC increased its position in shares of Regal Rexnord by 94.4% during the first quarter. Wealthspire Advisors LLC now owns 4,750 shares of the company's stock valued at $541,000 after acquiring an additional 2,307 shares during the last quarter. New Age Alpha Advisors LLC increased its position in shares of Regal Rexnord by 6.4% during the first quarter. New Age Alpha Advisors LLC now owns 44,065 shares of the company's stock valued at $5,017,000 after acquiring an additional 2,638 shares during the last quarter. Finally, US Bancorp DE increased its position in shares of Regal Rexnord by 12.5% during the first quarter. US Bancorp DE now owns 1,828 shares of the company's stock valued at $208,000 after acquiring an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company's stock.

Regal Rexnord Stock Up 0.5%

Regal Rexnord stock traded up $0.68 during mid-day trading on Monday, reaching $146.26. 142,882 shares of the company's stock were exchanged, compared to its average volume of 764,034. The company has a market cap of $9.71 billion, a P/E ratio of 38.93, a P/E/G ratio of 1.47 and a beta of 1.18. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve month high of $185.28. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 0.72. The company has a fifty day moving average of $147.25 and a 200-day moving average of $132.10.

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

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders 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 yield of 1.0%. The ex-dividend date is Tuesday, September 30th. Regal Rexnord's payout ratio is 37.23%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on RRX shares. Barclays lifted their price target on shares of Regal Rexnord from $160.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Wall Street Zen cut shares of Regal Rexnord from a "strong-buy" rating to a "buy" rating in a research report on Saturday. The Goldman Sachs Group lifted their price target on shares of Regal Rexnord from $173.00 to $195.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Citigroup reiterated a "buy" rating and set a $165.00 price target (up from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Finally, KeyCorp set a $180.00 price target on shares of Regal Rexnord and gave the company an "overweight" rating in a research report on Thursday, June 26th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, Regal Rexnord has an average rating of "Buy" and an average target price of $185.25.

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.