Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Holdings in Regal Rexnord Corporation $RRX

Key Points

• Zurcher Kantonalbank increased its position by 42.1%, buying an additional 7,647 shares to hold 25,793 shares of Regal Rexnord valued at about $3.62 million at the end of the quarter.
• Significant institutional interest and analyst optimism: Nordea owns ~2,028,936 shares (~$289M) and American Century opened a ~$47.8M stake, hedge funds hold 99.72% of the stock, and the consensus rating is a "Moderate Buy" with a $229.75 target.
• Recent results and corporate activity: Regal Rexnord beat EPS estimates ($2.51 vs. $2.47) but slightly missed revenue, declared a $0.35 quarterly dividend ($1.40 annualized, 0.7% yield), and insiders sold about 53,451 shares recently, including the CEO's sale of 36,728 shares.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Regal Rexnord Corporation (NYSE:RRX - Free Report) by 42.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,793 shares of the company's stock after purchasing an additional 7,647 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Regal Rexnord were worth $3,619,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of RRX. AIA Group Ltd purchased a new stake in shares of Regal Rexnord in the third quarter valued at about $1,477,000. Oppenheimer Asset Management Inc. raised its holdings in shares of Regal Rexnord by 475.2% in the third quarter. Oppenheimer Asset Management Inc. now owns 21,991 shares of the company's stock valued at $3,154,000 after buying an additional 18,168 shares during the last quarter. American Century Companies Inc. purchased a new stake in shares of Regal Rexnord in the third quarter valued at about $47,778,000. Nordea Investment Management AB increased its holdings in shares of Regal Rexnord by 30.7% in the third quarter. Nordea Investment Management AB now owns 2,028,936 shares of the company's stock valued at $289,083,000 after purchasing an additional 476,802 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Regal Rexnord by 97.0% in the third quarter. JPMorgan Chase & Co. now owns 260,853 shares of the company's stock valued at $37,419,000 after purchasing an additional 128,468 shares during the period. Hedge funds and other institutional investors own 99.72% of the company's stock.

Regal Rexnord Stock Down 0.6%

RRX opened at $212.24 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.15 and a quick ratio of 1.10. The business has a 50 day simple moving average of $200.90 and a 200-day simple moving average of $168.86. The stock has a market capitalization of $14.13 billion, a P/E ratio of 50.53, a P/E/G ratio of 1.98 and a beta of 1.11. Regal Rexnord Corporation has a 12 month low of $102.23 and a 12 month high of $229.30.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. The business had revenue of $1.52 billion during the quarter, compared to analysts' expectations of $1.54 billion. Regal Rexnord had a return on equity of 9.60% and a net margin of 4.71%.The company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $2.34 EPS. On average, equities analysts anticipate that Regal Rexnord Corporation will post 10.76 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 31st were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Tuesday, March 31st. Regal Rexnord's dividend payout ratio (DPR) is currently 33.33%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RRX. Citigroup boosted their target price on Regal Rexnord from $230.00 to $240.00 and gave the company a "buy" rating in a report on Monday, April 13th. Oppenheimer boosted their target price on Regal Rexnord from $180.00 to $225.00 and gave the company an "outperform" rating in a report on Friday, February 6th. Robert W. Baird set a $253.00 target price on Regal Rexnord in a report on Friday, February 6th. The Goldman Sachs Group boosted their target price on Regal Rexnord from $170.00 to $230.00 and gave the company a "buy" rating in a report on Monday, February 9th. Finally, Barclays lifted their target price on shares of Regal Rexnord from $237.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, March 23rd. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Regal Rexnord presently has a consensus rating of "Moderate Buy" and a consensus target price of $229.75.

Insiders Place Their Bets

In other news, EVP Cheryl Lewis sold 2,262 shares of the stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $215.73, for a total value of $487,981.26. Following the completion of the transaction, the executive vice president owned 13,219 shares in the company, valued at $2,851,734.87. This trade represents a 14.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Louis V. Pinkham sold 36,728 shares of the stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $215.52, for a total transaction of $7,915,618.56. Following the completion of the transaction, the chief executive officer owned 83,337 shares of the company's stock, valued at $17,960,790.24. This represents a 30.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 53,451 shares of company stock valued at $11,386,689 over the last 90 days. 0.63% of the stock is owned by corporate insiders.

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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