Regal Rexnord Co. (NYSE:RRX) Shares Sold by PDT Partners LLC

PDT Partners LLC cut its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 56.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,842 shares of the company’s stock after selling 12,856 shares during the period. PDT Partners LLC’s holdings in Regal Rexnord were worth $1,633,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. acquired a new stake in shares of Regal Rexnord during the 2nd quarter worth approximately $1,173,000. PNC Financial Services Group Inc. grew its position in Regal Rexnord by 29.2% during the third quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock valued at $2,042,000 after buying an additional 2,783 shares during the period. Natixis Advisors LLC increased its holdings in Regal Rexnord by 15.3% in the third quarter. Natixis Advisors LLC now owns 86,933 shares of the company’s stock valued at $14,420,000 after buying an additional 11,568 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Regal Rexnord by 31.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,686 shares of the company’s stock worth $2,662,000 after acquiring an additional 4,701 shares during the period. Finally, Texas Permanent School Fund Corp boosted its stake in shares of Regal Rexnord by 7.0% during the 2nd quarter. Texas Permanent School Fund Corp now owns 62,101 shares of the company’s stock worth $8,397,000 after acquiring an additional 4,076 shares in the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 8,774 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the completion of the sale, the chief executive officer now directly owns 149,618 shares in the company, valued at approximately $26,935,728.54. This trade represents a 5.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.82% of the company’s stock.

Regal Rexnord Price Performance

Shares of NYSE RRX opened at $172.71 on Monday. The firm has a 50-day simple moving average of $170.84 and a 200-day simple moving average of $157.58. 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 capitalization of $11.44 billion, a price-to-earnings ratio of 54.48, a price-to-earnings-growth ratio of 1.87 and a beta of 1.04. Regal Rexnord Co. has a 52 week low of $117.32 and a 52 week high of $185.28.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Monday, November 4th. The company reported $2.49 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.01. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. Regal Rexnord’s quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.10 EPS. On average, equities analysts predict that Regal Rexnord Co. will post 9.25 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 annualized dividend and a dividend yield of 0.81%. Regal Rexnord’s dividend payout ratio is presently 44.16%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. StockNews.com upgraded Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Barclays upped their target price on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Loop Capital reissued a “buy” rating and issued a $200.00 price target on shares of Regal Rexnord in a research note on Thursday, September 19th. Robert W. Baird reduced their price objective on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Finally, Citigroup started coverage on shares of Regal Rexnord in a research report on Monday, October 14th. They issued a “buy” rating and a $200.00 target price on the stock. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $193.00.

Regal Rexnord 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.