Janus Henderson Group PLC Reduces Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Janus Henderson Group PLC lessened its stake in Regal Rexnord Co. (NYSE:RRX) by 50.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 560,701 shares of the company’s stock after selling 580,853 shares during the quarter. Janus Henderson Group PLC’s holdings in Regal Rexnord were worth $100,984,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Regal Rexnord during the fourth quarter worth about $180,918,000. The Manufacturers Life Insurance Company increased its holdings in Regal Rexnord by 167.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock valued at $140,374,000 after buying an additional 593,862 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Regal Rexnord by 87.3% during the 4th quarter. Franklin Resources Inc. now owns 1,001,545 shares of the company’s stock worth $148,249,000 after buying an additional 466,820 shares during the last quarter. Schroder Investment Management Group acquired a new position in shares of Regal Rexnord in the 4th quarter worth approximately $49,041,000. Finally, Capital World Investors increased its holdings in shares of Regal Rexnord by 4.7% in the 1st quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock valued at $1,188,615,000 after acquiring an additional 296,941 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Stock Performance

Shares of NYSE:RRX traded up $1.90 on Wednesday, hitting $160.36. The company’s stock had a trading volume of 188,142 shares, compared to its average volume of 449,152. Regal Rexnord Co. has a 12 month low of $97.18 and a 12 month high of $183.85. The stock’s 50-day moving average is $144.06 and its two-hundred day moving average is $154.95. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.56 and a current ratio of 2.62. The company has a market capitalization of $10.67 billion, a price-to-earnings ratio of -330.13, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Monday, May 6th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.02. Regal Rexnord had a positive return on equity of 9.42% and a negative net margin of 0.48%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same period last year, the firm earned $2.22 EPS. The firm’s revenue for the quarter was up 26.4% on a year-over-year basis. On average, equities research analysts forecast that Regal Rexnord Co. will post 9.73 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend is Friday, September 27th. Regal Rexnord’s dividend payout ratio is presently -291.67%.

Wall Street Analyst Weigh In

RRX has been the subject of a number of research reports. KeyCorp lowered their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. StockNews.com lowered Regal Rexnord from a “buy” rating to a “hold” rating in a report on Thursday, July 4th. Raymond James assumed coverage on Regal Rexnord in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Robert W. Baird increased their target price on Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Finally, Barclays cut their target price on Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $188.00.

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.