State of New Jersey Common Pension Fund D Sells 12,494 Shares of Regal Rexnord Co. (NYSE:RRX)

State of New Jersey Common Pension Fund D cut its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 32.4% during the second quarter, Holdings Channel.com reports. The fund owned 26,098 shares of the company’s stock after selling 12,494 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Regal Rexnord were worth $3,529,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of RRX. Rise Advisors LLC bought a new stake in Regal Rexnord during the first quarter valued at about $33,000. Headlands Technologies LLC bought a new stake in shares of Regal Rexnord in the second quarter worth about $46,000. 1620 Investment Advisors Inc. bought a new stake in shares of Regal Rexnord in the second quarter worth about $52,000. EntryPoint Capital LLC bought a new stake in shares of Regal Rexnord in the first quarter worth about $68,000. Finally, Riverview Trust Co bought a new stake in shares of Regal Rexnord in the first quarter worth about $75,000. 99.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

RRX has been the topic of several research reports. KeyCorp reduced their target price on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Raymond James initiated coverage on Regal Rexnord in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Barclays dropped their price target on Regal Rexnord from $181.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Robert W. Baird upped their price objective on Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.83.

Regal Rexnord Trading Up 5.1 %

Shares of RRX stock opened at $163.75 on Wednesday. Regal Rexnord Co. has a 1 year low of $97.18 and a 1 year high of $183.85. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38. The stock’s 50 day simple moving average is $154.74 and its two-hundred day simple moving average is $156.81. The company has a market cap of $10.90 billion, a PE ratio of -341.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last released its earnings results on Wednesday, July 31st. The company reported $2.29 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.15. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The company’s quarterly revenue was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.56 earnings per share. Research analysts predict that Regal Rexnord Co. will post 9.53 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.85%. Regal Rexnord’s dividend payout ratio is -291.67%.

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.