Frontier Capital Management Co. LLC Raises Holdings in Regal Rexnord Co. (NYSE:RRX)

Frontier Capital Management Co. LLC boosted its holdings in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 25.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 379,671 shares of the company's stock after purchasing an additional 77,315 shares during the quarter. Frontier Capital Management Co. LLC owned about 0.57% of Regal Rexnord worth $58,898,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its stake 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 valued at $337,712,000 after purchasing an additional 363,728 shares during the period. Norges Bank bought a new stake in Regal Rexnord during the 4th quarter valued at approximately $235,188,000. TimesSquare Capital Management LLC raised its stake in Regal Rexnord by 35.7% during the 4th quarter. TimesSquare Capital Management LLC now owns 884,095 shares of the company's stock valued at $137,150,000 after purchasing an additional 232,509 shares during the period. JPMorgan Chase & Co. raised its stake in Regal Rexnord by 56.8% during the 4th 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 period. Finally, Clearbridge Investments LLC raised its stake in Regal Rexnord by 10.1% during the 4th quarter. Clearbridge Investments LLC now owns 617,762 shares of the company's stock valued at $95,833,000 after purchasing an additional 56,590 shares during the period. Institutional investors own 99.72% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RRX. Barclays lifted their target price on Regal Rexnord from $155.00 to $160.00 and gave the company an "overweight" rating in a research note on Monday. The Goldman Sachs Group reduced their price objective on Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. KeyCorp reduced their price objective on Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Oppenheimer reduced their price objective on Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating on the stock in a research note on Friday, February 7th. Finally, Citigroup lifted their price objective on Regal Rexnord from $110.00 to $145.00 and gave the stock a "buy" rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Regal Rexnord presently has a consensus rating of "Moderate Buy" and an average price target of $171.25.

Regal Rexnord Trading Up 8.3%

Shares of NYSE RRX traded up $11.10 during trading hours on Monday, hitting $145.32. 1,821,637 shares of the company traded hands, compared to its average volume of 765,924. The stock has a market capitalization of $9.64 billion, a price-to-earnings ratio of 49.26, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87. The company's 50 day moving average price is $111.89 and its 200 day moving average price is $142.18. 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 earnings results 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 for the quarter, compared to the consensus estimate of $1.38 billion. Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. The company's revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.00 EPS. On average, equities research analysts anticipate that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Monday, June 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Monday, June 30th. Regal Rexnord's dividend payout ratio is currently 39.89%.

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.