Quarry LP Decreases Stake in Regal Rexnord Co. (NYSE:RRX)

Quarry LP lessened its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 55.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 388 shares of the company’s stock after selling 482 shares during the period. Quarry LP’s holdings in Regal Rexnord were worth $64,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of RRX. Headlands Technologies LLC acquired a new position in Regal Rexnord during the second quarter worth about $46,000. UMB Bank n.a. boosted its holdings in shares of Regal Rexnord by 72.5% during the 3rd quarter. UMB Bank n.a. now owns 345 shares of the company’s stock worth $57,000 after purchasing an additional 145 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Regal Rexnord in the second quarter valued at approximately $52,000. CWM LLC increased its holdings in shares of Regal Rexnord by 25.4% in the second quarter. CWM LLC now owns 825 shares of the company’s stock valued at $112,000 after purchasing an additional 167 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Regal Rexnord by 30.0% during the third quarter. GAMMA Investing LLC now owns 841 shares of the company’s stock worth $140,000 after buying an additional 194 shares in the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Robert W. Baird cut their target price on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Barclays lifted their target price on shares of Regal Rexnord from $190.00 to $205.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Citigroup began coverage on shares of Regal Rexnord in a research note on Monday, October 14th. They issued a “buy” rating and a $200.00 price target for the company. StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Finally, Loop Capital reiterated a “buy” rating and issued a $200.00 price objective on shares of Regal Rexnord in a report on Thursday, September 19th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $194.88.

Regal Rexnord Price Performance

Regal Rexnord stock opened at $170.45 on Tuesday. The company has a market capitalization of $11.29 billion, a PE ratio of 53.77, a price-to-earnings-growth ratio of 1.84 and a beta of 1.03. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45. Regal Rexnord Co. has a fifty-two week low of $124.50 and a fifty-two week high of $185.28. The firm has a 50 day moving average price of $171.42 and a 200 day moving average price of $158.18.

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

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.82%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord’s payout ratio is 44.16%.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of the firm’s 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 completion of the transaction, the chief executive officer now owns 149,618 shares of the company’s stock, valued at $26,935,728.54. This trade represents a 5.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.82% of the company’s stock.

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.