Teacher Retirement System of Texas Increases Holdings in Regal Rexnord Corporation (NYSE:RRX)

Teacher Retirement System of Texas lifted its stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 95.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,842 shares of the company's stock after acquiring an additional 7,724 shares during the quarter. Teacher Retirement System of Texas' holdings in Regal Rexnord were worth $1,804,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Regal Rexnord in the fourth quarter valued at $235,188,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Regal Rexnord by 3.3% in the fourth 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 buying an additional 42,704 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Regal Rexnord by 79.8% in the fourth quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company's stock valued at $139,569,000 after buying an additional 399,267 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Regal Rexnord by 56.8% in the fourth quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock valued at $106,106,000 after buying an additional 247,673 shares during the last quarter. Finally, Clearbridge Investments LLC increased its stake in Regal Rexnord by 10.1% in the fourth quarter. Clearbridge Investments LLC now owns 617,762 shares of the company's stock valued at $95,833,000 after purchasing an additional 56,590 shares during the last quarter. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RRX has been the topic of several recent analyst reports. KeyCorp set a $180.00 price target on shares of Regal Rexnord and gave the company an "overweight" rating in a research note on Thursday, June 26th. Robert W. Baird increased their price target 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. Citigroup reaffirmed a "buy" rating and set a $165.00 price objective (up previously from $145.00) on shares of Regal Rexnord in a report on Tuesday, June 24th. Wall Street Zen raised Regal Rexnord from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Finally, Barclays raised their price objective on Regal Rexnord from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $185.25.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the sale, the chief executive officer directly owned 175,954 shares in the company, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.82% of the company's stock.

Regal Rexnord Stock Performance

NYSE:RRX traded up $0.18 during midday trading on Friday, reaching $151.86. The stock had a trading volume of 526,697 shares, compared to its average volume of 599,116. The firm has a fifty day simple moving average of $140.63 and a two-hundred day simple moving average of $133.99. Regal Rexnord Corporation has a 12-month low of $90.56 and a 12-month high of $185.28. The company has a quick ratio of 1.21, a current ratio of 2.26 and a debt-to-equity ratio of 0.82. The stock has a market cap of $10.07 billion, a P/E ratio of 43.26, a P/E/G ratio of 1.53 and a beta of 1.17.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.33. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the company earned $2.00 EPS. The firm's revenue for the quarter was down 8.4% compared to the same quarter last year. On average, equities analysts expect that Regal Rexnord Corporation will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 0.92%. Regal Rexnord's payout ratio is currently 39.89%.

Regal Rexnord 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.