Pitcairn Co. Sells 599 Shares of Regal Rexnord Co. (NYSE:RRX)

Pitcairn Co. decreased its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 21.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,217 shares of the company’s stock after selling 599 shares during the period. Pitcairn Co.’s holdings in Regal Rexnord were worth $399,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Regal Rexnord by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock worth $1,004,848,000 after acquiring an additional 24,847 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Regal Rexnord by 80.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock valued at $75,382,000 after buying an additional 226,435 shares during the last quarter. Channing Capital Management LLC boosted its holdings in Regal Rexnord by 7.7% in the fourth quarter. Channing Capital Management LLC now owns 84,383 shares of the company’s stock worth $12,490,000 after acquiring an additional 6,051 shares in the last quarter. Blair William & Co. IL grew its stake in shares of Regal Rexnord by 161.4% in the first quarter. Blair William & Co. IL now owns 7,770 shares of the company’s stock worth $1,399,000 after acquiring an additional 4,798 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its position in shares of Regal Rexnord by 18.6% in the 1st quarter. Westfield Capital Management Co. LP now owns 302,532 shares of the company’s stock worth $54,486,000 after purchasing an additional 47,379 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Analyst Upgrades and Downgrades

RRX has been the topic of several recent analyst reports. StockNews.com downgraded shares of Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Thursday, July 4th. Robert W. Baird raised their price target on shares of Regal Rexnord from $205.00 to $208.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Barclays decreased their price objective on shares of Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. KeyCorp cut their target price on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Raymond James started coverage on Regal Rexnord in a report on Friday, June 28th. They set a “market perform” rating on the stock. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Regal Rexnord presently has a consensus rating of “Moderate Buy” and an average price target of $188.00.

Regal Rexnord Stock Performance

RRX stock traded up $5.16 on Thursday, hitting $150.91. The company had a trading volume of 337,635 shares, compared to its average volume of 448,962. The stock has a market cap of $10.04 billion, a price-to-earnings ratio of -321.73, a P/E/G ratio of 1.56 and a beta of 1.06. The company has a current ratio of 2.62, a quick ratio of 1.56 and a debt-to-equity ratio of 0.99. The stock’s 50-day simple moving average is $144.40 and its 200 day simple moving average is $154.41. Regal Rexnord Co. has a 12-month low of $97.18 and a 12-month high of $183.85.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.02. Regal Rexnord had a negative net margin of 0.48% and a positive return on equity of 9.42%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.56 billion. During the same period last year, the firm earned $2.22 earnings per share. The company’s quarterly revenue was up 26.4% on a year-over-year basis. As a group, equities research analysts expect that Regal Rexnord Co. will post 9.73 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.40 annualized dividend and a dividend yield of 0.93%. Regal Rexnord’s 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.