State of Michigan Retirement System Purchases 400 Shares of Regal Rexnord Co. (NYSE:RRX)

State of Michigan Retirement System lifted its position in Regal Rexnord Co. (NYSE:RRX) by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,301 shares of the company’s stock after purchasing an additional 400 shares during the quarter. State of Michigan Retirement System’s holdings in Regal Rexnord were worth $2,936,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Rise Advisors LLC bought a new position in shares of Regal Rexnord in the first quarter worth $33,000. GAMMA Investing LLC bought a new position in Regal Rexnord in the fourth quarter valued at $58,000. ICA Group Wealth Management LLC bought a new position in Regal Rexnord in the fourth quarter valued at $70,000. Riverview Trust Co bought a new position in Regal Rexnord in the first quarter valued at $75,000. Finally, Benjamin F. Edwards & Company Inc. bought a new position in Regal Rexnord in the fourth quarter valued at $100,000. Institutional investors own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $135.65 on Thursday. The stock’s 50-day moving average price is $149.76 and its 200-day moving average price is $154.59. Regal Rexnord Co. has a 12-month low of $97.18 and a 12-month high of $183.85. The company has a quick ratio of 1.56, a current ratio of 2.62 and a debt-to-equity ratio of 0.99.

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

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.03%. Regal Rexnord’s dividend payout ratio is currently -291.67%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RRX shares. StockNews.com cut Regal Rexnord from a “buy” rating to a “hold” rating in a research note on Thursday. Raymond James started coverage on Regal Rexnord in a research note 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 company an “outperform” rating in a research note on Wednesday, May 8th. KeyCorp increased their target price on Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. Finally, Oppenheimer raised their price objective on Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, March 13th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Regal Rexnord presently has an average rating of “Moderate Buy” and a consensus target price of $192.00.

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.