Northern Trust Corp Increases Stake in Regal Rexnord Co. (NYSE:RRX)

Northern Trust Corp raised its stake in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 25.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 574,701 shares of the company's stock after purchasing an additional 116,860 shares during the period. Northern Trust Corp owned 0.87% of Regal Rexnord worth $89,153,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RRX. Victory Capital Management Inc. raised its holdings in Regal Rexnord by 20.1% during the 4th quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company's stock worth $337,712,000 after purchasing an additional 363,728 shares during the last quarter. Norges Bank bought a new stake in Regal Rexnord in the fourth quarter worth approximately $235,188,000. Franklin Resources Inc. grew its position 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 buying an additional 77,215 shares during the period. TimesSquare Capital Management LLC increased its stake in shares of Regal Rexnord by 35.7% in the 4th quarter. TimesSquare Capital Management LLC now owns 884,095 shares of the company's stock valued at $137,150,000 after acquiring an additional 232,509 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake 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 acquiring an additional 247,673 shares in the last quarter. 99.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on RRX shares. Oppenheimer decreased their target price on Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating for the company in a research report on Friday, February 7th. Barclays cut their price target on Regal Rexnord from $160.00 to $155.00 and set an "overweight" rating for the company in a research note on Wednesday, March 26th. Citigroup upped their price target on Regal Rexnord from $110.00 to $145.00 and gave the stock a "buy" rating in a report on Thursday. KeyCorp cut their price objective on shares of Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, The Goldman Sachs Group decreased their price objective on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, Regal Rexnord has a consensus rating of "Moderate Buy" and a consensus price target of $170.63.

Regal Rexnord Price Performance

Shares of RRX stock traded up $2.05 during trading on Friday, hitting $134.24. The company had a trading volume of 981,133 shares, compared to its average volume of 556,046. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a 52 week low of $90.56 and a 52 week high of $185.28. The stock has a market capitalization of $8.90 billion, a price-to-earnings ratio of 45.51, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The stock's 50-day moving average is $111.89 and its two-hundred day moving average is $142.54.

Regal Rexnord (NYSE:RRX - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $2.15 EPS for the quarter, beating analysts' consensus estimates of $1.82 by $0.33. Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. The business had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter in the prior year, the firm earned $2.00 earnings per share. The firm's revenue was down 8.4% on a year-over-year basis. As a group, analysts predict that Regal Rexnord Co. will post 9.95 EPS 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. This represents a $1.40 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date is Monday, June 30th. Regal Rexnord's payout ratio is currently 47.46%.

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.