Wealthspire Advisors LLC Grows Holdings in Regal Rexnord Corporation (NYSE:RRX)

Key Points

• Wealthspire Advisors LLC increased its holdings in Regal Rexnord Corporation by 94.4%, acquiring an additional 2,307 shares, bringing its total to 4,750 shares worth approximately $541,000.
• Equities analysts have raised their price targets for Regal Rexnord, with projections ranging from $165.00 to $195.00, and the stock currently holds an average rating of "Buy" with an average target of $185.25.
• Regal Rexnord announced a quarterly dividend of $0.35 per share, set to be paid on October 14th, representing a yield of 1.0% and a dividend payout ratio of 37.23%.

Wealthspire Advisors LLC lifted its position in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 94.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,750 shares of the company's stock after purchasing an additional 2,307 shares during the period. Wealthspire Advisors LLC's holdings in Regal Rexnord were worth $541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Kovitz Investment Group Partners LLC lifted its position in Regal Rexnord by 3.8% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 2,382 shares of the company's stock valued at $370,000 after buying an additional 87 shares during the last quarter. Advisory Research Inc. lifted its position in Regal Rexnord by 1.5% in the fourth quarter. Advisory Research Inc. now owns 6,710 shares of the company's stock valued at $1,041,000 after buying an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in Regal Rexnord by 0.7% in the first quarter. Oregon Public Employees Retirement Fund now owns 13,549 shares of the company's stock valued at $1,543,000 after buying an additional 100 shares during the last quarter. Cetera Investment Advisers lifted its position in Regal Rexnord by 3.6% in the first quarter. Cetera Investment Advisers now owns 2,920 shares of the company's stock valued at $332,000 after buying an additional 102 shares during the last quarter. Finally, Greenleaf Trust lifted its position in Regal Rexnord by 2.1% in the first quarter. Greenleaf Trust now owns 5,187 shares of the company's stock valued at $591,000 after buying an additional 105 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wall Street Zen raised shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Citigroup reissued a "buy" rating and set a $165.00 price target (up previously from $145.00) on shares of Regal Rexnord in a research report on Tuesday, June 24th. Robert W. Baird increased 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. The Goldman Sachs Group increased their price target on shares of Regal Rexnord from $173.00 to $195.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, KeyCorp set a $180.00 target price on shares of Regal Rexnord and gave the company an "overweight" rating in a report on Thursday, June 26th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $185.25.

Insiders Place Their Bets

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the company'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 transaction, the chief executive officer owned 175,954 shares in the company, valued at $24,691,624.82. This represents a 5.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.82% of the stock is currently owned by corporate insiders.

Regal Rexnord Price Performance

Shares of NYSE:RRX traded down $1.65 during midday trading on Friday, hitting $139.36. 899,838 shares of the stock were exchanged, compared to its average volume of 961,919. The stock has a market cap of $9.25 billion, a P/E ratio of 37.06, a PEG ratio of 1.41 and a beta of 1.18. The company has a current ratio of 2.00, a quick ratio of 1.21 and a debt-to-equity ratio of 0.72. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve month high of $185.28. The company has a 50 day moving average price of $146.31 and a 200-day moving average price of $132.93.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $2.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.42 by $0.06. Regal Rexnord had a net margin of 4.28% and a return on equity of 9.73%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm earned $2.29 EPS. The firm's quarterly revenue was down 3.3% on a year-over-year basis. On average, research analysts forecast that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

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

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.