Synovus Financial Corp Has $647,000 Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Synovus Financial Corp cut its position in Regal Rexnord Co. (NYSE:RRX) by 3.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,898 shares of the company’s stock after selling 147 shares during the period. Synovus Financial Corp’s holdings in Regal Rexnord were worth $647,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in RRX. Headlands Technologies LLC acquired a new stake in shares of Regal Rexnord in the 2nd quarter valued at about $46,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Regal Rexnord in the 2nd quarter valued at about $52,000. UMB Bank n.a. grew its stake in shares of Regal Rexnord by 72.5% in the 3rd quarter. UMB Bank n.a. now owns 345 shares of the company’s stock valued at $57,000 after buying an additional 145 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in shares of Regal Rexnord by 30.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock valued at $71,000 after buying an additional 100 shares during the period. Finally, Quarry LP grew its stake in shares of Regal Rexnord by 752.9% in the 2nd quarter. Quarry LP now owns 870 shares of the company’s stock valued at $118,000 after buying an additional 768 shares during the period. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 8,774 shares of Regal Rexnord stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $180.03, for a total value of $1,579,583.22. Following the sale, the chief executive officer now owns 149,618 shares of the company’s stock, valued at approximately $26,935,728.54. The trade was a 5.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Loop Capital restated a “buy” rating and issued a $200.00 target price on shares of Regal Rexnord in a research note on Thursday, September 19th. Barclays raised their price target on shares of Regal Rexnord from $190.00 to $205.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on shares of Regal Rexnord in a research report on Thursday, December 12th. They issued a “buy” rating and a $215.00 price target on the stock. Finally, The Goldman Sachs Group raised their price target on shares of Regal Rexnord from $191.00 to $213.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $205.13.

Regal Rexnord Price Performance

Regal Rexnord stock opened at $162.61 on Wednesday. Regal Rexnord Co. has a 52 week low of $130.94 and a 52 week high of $185.28. The company’s 50 day moving average price is $171.72 and its two-hundred day moving average price is $158.95. The company has a quick ratio of 1.35, a current ratio of 2.45 and a debt-to-equity ratio of 0.87. The stock has a market cap of $10.77 billion, a P/E ratio of 51.30, a P/E/G ratio of 1.83 and a beta of 1.03.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Monday, November 4th. The company reported $2.49 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.01. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. Regal Rexnord’s revenue was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.10 EPS. On average, equities analysts predict that Regal Rexnord Co. will post 9.24 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a $0.35 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.86%. Regal Rexnord’s dividend payout ratio (DPR) is presently 44.16%.

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.