Hsbc Holdings PLC Raises Position in Regal Rexnord Co. (NYSE:RRX)

Hsbc Holdings PLC grew its stake in Regal Rexnord Co. (NYSE:RRX - Free Report) by 114.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,390 shares of the company's stock after acquiring an additional 2,873 shares during the quarter. Hsbc Holdings PLC's holdings in Regal Rexnord were worth $835,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in RRX. JPMorgan Chase & Co. grew its stake in Regal Rexnord by 56.8% in the fourth quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company's stock valued at $106,106,000 after purchasing an additional 247,673 shares during the last quarter. First Hawaiian Bank purchased a new position in shares of Regal Rexnord in the 4th quarter worth approximately $811,000. Franklin Resources Inc. raised its stake in shares of Regal Rexnord by 7.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company's stock worth $204,254,000 after acquiring an additional 77,215 shares in the last quarter. Atria Investments Inc lifted its position in Regal Rexnord by 48.9% during the fourth quarter. Atria Investments Inc now owns 2,310 shares of the company's stock valued at $358,000 after acquiring an additional 759 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Regal Rexnord by 16.7% in 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 last quarter. 99.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RRX. The Goldman Sachs Group decreased their price objective on Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Robert W. Baird raised their price target on Regal Rexnord from $167.00 to $172.00 and gave the stock an "outperform" rating in a report on Wednesday. Oppenheimer cut their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating on the stock in a report on Friday, February 7th. StockNews.com cut shares of Regal Rexnord from a "buy" rating to a "hold" rating in a research note on Wednesday, April 16th. Finally, Barclays cut their price target on shares of Regal Rexnord from $160.00 to $155.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $170.63.

Regal Rexnord Stock Performance

Shares of NYSE RRX traded up $2.05 during trading on Friday, reaching $134.24. 981,133 shares of the company traded hands, compared to its average volume of 557,182. The stock has a market cap of $8.90 billion, a P/E ratio of 45.51, a PEG ratio of 1.37 and a beta of 1.11. The firm's fifty day simple moving average is $111.89 and its 200 day simple moving average is $142.36. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a 12-month low of $90.56 and a 12-month high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.33. Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. The company had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter in the previous year, the company earned $2.00 earnings per share. The firm's revenue for the quarter was down 8.4% on a year-over-year basis. As a group, research analysts anticipate that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Shareholders of record on Monday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 1.04%. Regal Rexnord's dividend payout ratio is currently 39.89%.

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.