Swiss National Bank Trims Holdings in Regal Rexnord Corporation (NYSE:RRX)

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

Several other institutional investors also recently bought and sold shares of the company. Diamond Hill Capital Management Inc. grew its position in 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 purchasing an additional 175,273 shares during the last quarter. Massachusetts Financial Services Co. MA grew 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 valued at $328,158,000 after purchasing an additional 115,564 shares during the last quarter. Victory Capital Management Inc. grew 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 valued at $277,435,000 after purchasing an additional 259,885 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew 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 valued at $206,729,000 after purchasing an additional 42,704 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in Regal Rexnord by 79.8% during the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company's stock valued at $139,569,000 after purchasing an additional 399,267 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Barclays increased their price objective 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. The Goldman Sachs Group upped their target price on shares of Regal Rexnord from $173.00 to $195.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. KeyCorp set a $180.00 target price on shares of Regal Rexnord and gave the company an "overweight" rating in a research note on Thursday, June 26th. Finally, Robert W. Baird upped their target price on shares of Regal Rexnord from $167.00 to $172.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $185.25.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $154.68 on Thursday. The firm's 50 day moving average price is $146.93 and its 200-day moving average price is $132.72. 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 stock has a market capitalization of $10.27 billion, a PE ratio of 41.14, a price-to-earnings-growth ratio of 1.44 and a beta of 1.18.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $2.48 earnings per share for the quarter, topping 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 analysts' expectations of $1.50 billion. During the same quarter in the prior year, the business earned $2.29 EPS. The business's quarterly revenue was down 3.3% on a year-over-year basis. Equities research analysts expect that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be paid 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 yield of 0.9%. Regal Rexnord's dividend payout ratio (DPR) is presently 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.

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