Regal Rexnord Co. (NYSE:RRX) Shares Sold by Bank of Montreal Can

Bank of Montreal Can reduced its position in shares of Regal Rexnord Co. (NYSE:RRX) by 1.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,518 shares of the company’s stock after selling 704 shares during the period. Bank of Montreal Can owned 0.10% of Regal Rexnord worth $11,455,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RRX. Victory Capital Management Inc. boosted its position in Regal Rexnord by 42.7% during the second quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock worth $254,832,000 after acquiring an additional 563,853 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Regal Rexnord by 68.9% during the 3rd quarter. Westfield Capital Management Co. LP now owns 979,521 shares of the company’s stock worth $162,483,000 after purchasing an additional 399,649 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Regal Rexnord by 24.7% during the second quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock worth $152,183,000 after purchasing an additional 222,775 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of Regal Rexnord by 7.1% in the second quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock valued at $430,255,000 after purchasing an additional 209,776 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of Regal Rexnord by 31.5% in the second quarter. Principal Financial Group Inc. now owns 714,179 shares of the company’s stock valued at $96,571,000 after purchasing an additional 171,069 shares during the period. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Regal Rexnord Stock Up 1.8 %

Shares of Regal Rexnord stock opened at $172.71 on Monday. Regal Rexnord Co. has a twelve month low of $117.32 and a twelve month high of $185.28. The stock has a market cap 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. The company has a current ratio of 2.45, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87. The company has a fifty day moving average price of $170.84 and a 200 day moving average price of $157.58.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 9.48% and a net margin of 3.41%. The company’s revenue was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.10 earnings per share. Equities research analysts forecast that Regal Rexnord Co. will post 9.25 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The company 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 dividend of $0.35 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.81%. Regal Rexnord’s dividend payout ratio is currently 44.16%.

Insider Transactions at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 8,774 shares of Regal Rexnord stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the sale, the chief executive officer now directly owns 149,618 shares of the company’s stock, valued at approximately $26,935,728.54. The trade was a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

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

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.