Victory Capital Management Inc. Increases Stake in Regal Rexnord Corporation $RRX

Key Points

• Victory Capital Management boosted its Regal Rexnord stake by 42.6% in the fourth quarter, ending with 5.66 million shares worth about $794 million and representing 8.52% ownership.
• Several insiders sold shares recently, including CFO Robert Rehard and Director Robin A. Walker-Lee, with total insider selling over the last quarter amounting to 30,305 shares valued at $6.34 million.
• Regal Rexnord reported better-than-expected quarterly results, with EPS of $2.17 versus estimates of $2.11 and revenue of $1.48 billion, while analysts currently hold a Moderate Buy consensus and average price target of $232.25.

Victory Capital Management Inc. lifted its stake in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 42.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,658,365 shares of the company's stock after acquiring an additional 1,690,264 shares during the period. Victory Capital Management Inc. owned 8.52% of Regal Rexnord worth $793,983,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of RRX. Geneos Wealth Management Inc. increased its position in Regal Rexnord by 135.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company's stock worth $25,000 after purchasing an additional 127 shares in the last quarter. Covestor Ltd raised its holdings in Regal Rexnord by 81.6% in the fourth quarter. Covestor Ltd now owns 178 shares of the company's stock valued at $25,000 after buying an additional 80 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Regal Rexnord in the third quarter valued at approximately $27,000. Garner Asset Management Corp purchased a new position in Regal Rexnord in the fourth quarter valued at approximately $27,000. Finally, IFP Advisors Inc raised its holdings in Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company's stock valued at $27,000 after buying an additional 49 shares during the period. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Regal Rexnord

In other news, CFO Robert Rehard sold 6,499 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the completion of the sale, the chief financial officer owned 27,965 shares of the company's stock, valued at approximately $5,593,000. This trade represents a 18.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robin A. Walker-Lee sold 1,297 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $213.85, for a total transaction of $277,363.45. Following the sale, the director directly owned 5,503 shares of the company's stock, valued at $1,176,816.55. The trade was a 19.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 30,305 shares of company stock valued at $6,341,869. 0.63% of the stock is currently owned by corporate insiders.

Regal Rexnord Trading Up 0.6%

RRX opened at $212.51 on Friday. The firm has a market capitalization of $14.15 billion, a P/E ratio of 49.42, a P/E/G ratio of 1.99 and a beta of 1.11. The firm's 50 day moving average is $205.28 and its 200-day moving average is $184.40. Regal Rexnord Corporation has a 52-week low of $127.96 and a 52-week high of $236.35. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.11 by $0.06. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the firm posted $2.15 earnings per share. The business's quarterly revenue was up 4.3% on a year-over-year basis. Analysts expect that Regal Rexnord Corporation will post 10.63 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. Regal Rexnord's dividend payout ratio (DPR) is presently 32.56%.

Analysts Set New Price Targets

RRX has been the topic of several research reports. Wall Street Zen lowered shares of Regal Rexnord from a "strong-buy" rating to a "buy" rating in a report on Tuesday, April 28th. KeyCorp raised their price target on shares of Regal Rexnord from $255.00 to $265.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Citigroup raised their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the company a "buy" rating in a report on Monday, April 13th. JPMorgan Chase & Co. raised their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Regal Rexnord in a report on Tuesday, April 21st. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Regal Rexnord has an average rating of "Moderate Buy" and a consensus target price of $232.25.

Regal Rexnord Profile

Regal Rexnord Corporation NYSE: RRX is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company's operations are organized into multiple business segments that address distinct customer needs.

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