Westhampton Capital LLC Has $1.92 Million Stock Position in Regal Rexnord Corporation (NYSE:RRX)

Westhampton Capital LLC lifted its stake in Regal Rexnord Corporation (NYSE:RRX - Free Report) by 40.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,895 shares of the company's stock after acquiring an additional 4,840 shares during the quarter. Westhampton Capital LLC's holdings in Regal Rexnord were worth $1,923,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Jefferies Financial Group Inc. bought a new position in Regal Rexnord during the fourth quarter worth about $1,427,000. JPMorgan Chase & Co. grew its holdings in Regal Rexnord by 56.8% during the fourth quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock worth $106,106,000 after purchasing an additional 247,673 shares during the period. Atria Investments Inc grew its holdings in Regal Rexnord by 48.9% during the fourth quarter. Atria Investments Inc now owns 2,310 shares of the company's stock worth $358,000 after purchasing an additional 759 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Regal Rexnord by 16.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,844 shares of the company's stock worth $2,613,000 after purchasing an additional 2,414 shares during the period. Finally, Norges Bank bought a new position in Regal Rexnord during the fourth quarter worth about $235,188,000. Institutional investors and hedge funds own 99.72% of the company's stock.

Regal Rexnord Price Performance

Shares of NYSE RRX opened at $139.65 on Friday. The stock has a market capitalization of $9.26 billion, a PE ratio of 39.79, a P/E/G ratio of 1.43 and a beta of 1.16. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.26 and a quick ratio of 1.21. The business has a fifty day moving average price of $127.02 and a two-hundred day moving average price of $135.44. Regal Rexnord Corporation has a fifty-two week low of $90.56 and a fifty-two week high of $185.28.

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 the consensus estimate of $1.82 by $0.33. The firm had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.38 billion. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. The company's quarterly revenue was down 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.00 EPS. As a group, equities analysts predict that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be issued a $0.35 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.40 annualized dividend and a yield of 1.00%. Regal Rexnord's dividend payout ratio is presently 39.89%.

Insider Buying and Selling at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of the business's stock in a transaction 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 transaction, the chief executive officer now owns 175,954 shares of the company's stock, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RRX. Barclays boosted their price objective on Regal Rexnord from $155.00 to $160.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Robert W. Baird boosted their price target on Regal Rexnord from $167.00 to $172.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. The Goldman Sachs Group reduced their price target on Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Citigroup boosted their price target on Regal Rexnord from $110.00 to $145.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen upgraded Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $171.25.

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.

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