Vanguard Group Inc. Sells 416,021 Shares of Regal Rexnord Corporation (NYSE:RRX)

Vanguard Group Inc. reduced its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 6.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,337,690 shares of the company's stock after selling 416,021 shares during the period. Vanguard Group Inc. owned about 9.56% of Regal Rexnord worth $721,546,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. Diamond Hill Capital Management Inc. boosted its holdings in Regal Rexnord by 6.0% in the first 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 boosted its holdings in Regal Rexnord by 4.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,882,369 shares of the company's stock valued at $328,158,000 after acquiring an additional 115,564 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Regal Rexnord by 11.9% in the first quarter. Victory Capital Management Inc. now owns 2,436,848 shares of the company's stock valued at $277,435,000 after acquiring an additional 259,885 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted 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 acquiring an additional 42,704 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted 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 acquiring an additional 399,267 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors.

Regal Rexnord Stock Up 3.7%

Shares of NYSE RRX opened at $143.03 on Wednesday. Regal Rexnord Corporation has a 52 week low of $90.56 and a 52 week high of $185.28. The business has a 50-day simple moving average of $146.57 and a two-hundred day simple moving average of $132.57. 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 market cap of $9.49 billion, a P/E ratio of 38.04, a P/E/G ratio of 1.39 and a beta of 1.18.

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

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be given a $0.35 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. Regal Rexnord's payout ratio is presently 37.23%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, CEO Louis V. Pinkham sold 10,593 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $140.33, for a total value of $1,486,515.69. Following the completion of the sale, the chief executive officer owned 175,954 shares in the company, valued at $24,691,624.82. The trade was a 5.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.82% of the stock is owned by insiders.

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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