Regal Rexnord Corporation (NYSE:RRX) Announces $0.35 Quarterly Dividend

Regal Rexnord Corporation (NYSE:RRX - Get Free Report) declared a quarterly dividend on Monday, July 21st, RTT News reports. Stockholders of record on Tuesday, September 30th will be paid a dividend of 0.35 per share on Tuesday, October 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.94%.

Regal Rexnord has a dividend payout ratio of 12.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Regal Rexnord to earn $11.69 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 12.0%.

Regal Rexnord Stock Performance

Shares of RRX traded down $3.40 during mid-day trading on Monday, reaching $148.85. 484,446 shares of the company's stock were exchanged, compared to its average volume of 605,238. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.26 and a quick ratio of 1.21. The stock has a market capitalization of $9.87 billion, a PE ratio of 42.41, a price-to-earnings-growth ratio of 1.54 and a beta of 1.17. The business's fifty day simple moving average is $142.84 and its 200-day simple moving average is $133.43. Regal Rexnord has a 52-week low of $90.56 and a 52-week high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted 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 3.96% and a return on equity of 9.67%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the firm posted $2.00 EPS. Regal Rexnord's quarterly revenue was down 8.4% on a year-over-year basis. On average, equities research analysts expect that Regal Rexnord will post 9.95 earnings per share for the current year.

Wall Street Analyst Weigh In

RRX has been the subject of several research reports. KeyCorp set a $180.00 price target on Regal Rexnord and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Citigroup reissued a "buy" rating and issued a $165.00 target price (up previously from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. Barclays boosted their target price on shares of Regal Rexnord from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. The Goldman Sachs Group boosted their target price on shares of Regal Rexnord from $173.00 to $195.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen raised shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $185.25.

Insiders Place Their Bets

In other news, CEO Louis V. Pinkham sold 10,593 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $140.33, for a total value of $1,486,515.69. Following the completion of the transaction, the chief executive officer owned 175,954 shares of the company's stock, valued at approximately $24,691,624.82. This represents a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. AQR Capital Management LLC boosted its position in shares of Regal Rexnord by 208.1% in the 1st quarter. AQR Capital Management LLC now owns 17,747 shares of the company's stock valued at $2,011,000 after purchasing an additional 11,987 shares during the period. Jones Financial Companies Lllp lifted its stake in Regal Rexnord by 91.6% in the 1st quarter. Jones Financial Companies Lllp now owns 617 shares of the company's stock worth $70,000 after acquiring an additional 295 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its stake in shares of Regal Rexnord by 135.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company's stock worth $25,000 after purchasing an additional 127 shares in the last quarter. Institutional investors own 99.72% of the company's stock.

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.

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