TimesSquare Capital Management LLC Sells 12,696 Shares of Regal Rexnord Corporation (NYSE:RRX)

TimesSquare Capital Management LLC decreased its stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 871,399 shares of the company's stock after selling 12,696 shares during the quarter. Regal Rexnord makes up about 1.6% of TimesSquare Capital Management LLC's investment portfolio, making the stock its 11th largest position. TimesSquare Capital Management LLC owned 1.31% of Regal Rexnord worth $99,209,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of RRX. Skandinaviska Enskilda Banken AB publ grew its stake in shares of Regal Rexnord by 472.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company's stock valued at $25,000 after purchasing an additional 137 shares during the last quarter. Bernard Wealth Management Corp. acquired a new position in Regal Rexnord during the 4th quarter worth $30,000. Golden State Wealth Management LLC boosted its position in Regal Rexnord by 106.2% in the 1st quarter. Golden State Wealth Management LLC now owns 268 shares of the company's stock valued at $31,000 after buying an additional 138 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Regal Rexnord in the 4th quarter valued at $33,000. Finally, Jones Financial Companies Lllp lifted its stake in shares of Regal Rexnord by 90.5% during the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock valued at $50,000 after acquiring an additional 153 shares during the period. 99.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RRX has been the subject of several recent research reports. The Goldman Sachs Group boosted their price objective on Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Robert W. Baird lifted their price target on shares of Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Wall Street Zen upgraded shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. KeyCorp set a $180.00 price objective on shares of Regal Rexnord and gave the company an "overweight" rating in a research note on Thursday, June 26th. Finally, Citigroup reiterated a "buy" rating and set a $165.00 target price (up previously from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Regal Rexnord presently has a consensus rating of "Buy" and a consensus target price of $185.25.

Insider Buying and Selling at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 10,593 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the completion of the sale, the chief executive officer directly owned 175,954 shares of the company's stock, valued at approximately $24,691,624.82. This represents a 5.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is owned by company insiders.

Regal Rexnord Trading Down 3.6%

Regal Rexnord stock traded down $5.42 during midday trading on Monday, hitting $146.47. 865,530 shares of the stock were exchanged, compared to its average volume of 729,253. The stock has a market capitalization of $9.72 billion, a PE ratio of 41.73, a P/E/G ratio of 1.54 and a beta of 1.17. The company has a fifty day simple moving average of $140.63 and a two-hundred day simple moving average of $133.64. The company has a quick ratio of 1.21, a current ratio of 2.26 and a debt-to-equity ratio of 0.82. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.82 by $0.33. Regal Rexnord had a net margin of 3.96% and a return on equity of 9.67%. The company had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period last year, the firm posted $2.00 earnings per share. The business's quarterly revenue was down 8.4% compared to the same quarter last year. Equities research analysts anticipate that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Monday, June 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date is Monday, June 30th. Regal Rexnord's dividend payout ratio is currently 39.89%.

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.