Jennison Associates LLC Sells 202,557 Shares of Regal Rexnord Co. (NYSE:RRX)

Jennison Associates LLC lowered its holdings in Regal Rexnord Co. (NYSE:RRX - Free Report) by 62.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 124,118 shares of the company's stock after selling 202,557 shares during the period. Jennison Associates LLC owned approximately 0.19% of Regal Rexnord worth $18,372,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RRX. Allspring Global Investments Holdings LLC boosted its holdings in shares of Regal Rexnord by 80.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company's stock valued at $75,382,000 after buying an additional 226,435 shares in the last quarter. WCM Investment Management LLC raised its position in Regal Rexnord by 56.8% in the 4th quarter. WCM Investment Management LLC now owns 144,139 shares of the company's stock valued at $21,549,000 after purchasing an additional 52,214 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Regal Rexnord by 13.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 354,484 shares of the company's stock valued at $50,649,000 after purchasing an additional 42,110 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Regal Rexnord by 7.1% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 3,834 shares of the company's stock valued at $548,000 after purchasing an additional 253 shares during the last quarter. Finally, UBS Group AG raised its position in Regal Rexnord by 58.8% in the 3rd quarter. UBS Group AG now owns 90,990 shares of the company's stock valued at $13,001,000 after purchasing an additional 33,689 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.

Insider Buying and Selling

In related news, EVP Thomas E. Valentyn sold 647 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total value of $109,795.90. Following the sale, the executive vice president now directly owns 28,412 shares of the company's stock, valued at $4,821,516.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Regal Rexnord news, EVP Thomas E. Valentyn sold 647 shares of Regal Rexnord stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total transaction of $109,795.90. Following the transaction, the executive vice president now directly owns 28,412 shares of the company's stock, valued at $4,821,516.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Jerrald R. Morton sold 2,992 shares of Regal Rexnord stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $154.34, for a total transaction of $461,785.28. Following the transaction, the executive vice president now directly owns 15,884 shares in the company, valued at $2,451,536.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,570 shares of company stock valued at $892,301. Insiders own 0.82% of the company's stock.

Regal Rexnord Stock Up 1.3 %

NYSE:RRX traded up $2.14 during mid-day trading on Friday, hitting $164.11. 285,168 shares of the company's stock traded hands, compared to its average volume of 458,037. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.59 and a current ratio of 2.55. The firm's 50 day simple moving average is $169.87 and its 200 day simple moving average is $144.61. Regal Rexnord Co. has a 1 year low of $97.18 and a 1 year high of $183.85.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 7th. The company reported $2.28 EPS for the quarter, topping analysts' consensus estimates of $2.26 by $0.02. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The company's quarterly revenue was up 29.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.64 earnings per share. Equities analysts forecast that Regal Rexnord Co. will post 10.05 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.40 annualized dividend and a dividend yield of 0.85%. Regal Rexnord's dividend payout ratio is presently -160.92%.

Analyst Ratings Changes

RRX has been the subject of several research reports. Oppenheimer upped their price target on shares of Regal Rexnord from $185.00 to $210.00 and gave the company an "outperform" rating in a research report on Wednesday, March 13th. KeyCorp upped their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an "overweight" rating in a research report on Monday, March 25th. Finally, Barclays upped their price objective on shares of Regal Rexnord from $200.00 to $203.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $197.00.

About Regal Rexnord

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.