Regal Rexnord Co. (NYSE:RRX) Shares Sold by Trust Point Inc.

Trust Point Inc. decreased its position in shares of Regal Rexnord Co. (NYSE:RRX) by 8.5% during the third quarter, Holdings Channel.com reports. The firm owned 1,763 shares of the company’s stock after selling 163 shares during the period. Trust Point Inc.’s holdings in Regal Rexnord were worth $292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. grew 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 valued at $254,832,000 after buying an additional 563,853 shares during the period. Capital World Investors boosted its stake in shares of Regal Rexnord by 4.7% during the 1st quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock worth $1,188,615,000 after acquiring an additional 296,941 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Regal Rexnord by 24.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock valued at $152,183,000 after acquiring an additional 222,775 shares during the period. Diamond Hill Capital Management Inc. increased its stake in shares of Regal Rexnord by 7.1% in the 2nd 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 in the last quarter. Finally, TimesSquare Capital Management LLC raised its holdings in Regal Rexnord by 64.4% in the 1st quarter. TimesSquare Capital Management LLC now owns 466,475 shares of the company’s stock worth $84,012,000 after purchasing an additional 182,770 shares during the period. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Stock Performance

NYSE:RRX opened at $177.08 on Friday. The company has a market cap of $11.78 billion, a P/E ratio of -368.92, a P/E/G ratio of 1.87 and a beta of 1.04. Regal Rexnord Co. has a twelve month low of $97.18 and a twelve month high of $183.85. The company’s 50-day moving average price is $162.96 and its 200-day moving average price is $156.03. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.15. The business 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 business’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.56 EPS. On average, sell-side analysts forecast that Regal Rexnord Co. will post 9.48 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date of this dividend was Friday, September 27th. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

Wall Street Analyst Weigh In

Several analysts have commented on RRX shares. Raymond James started coverage on Regal Rexnord in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Robert W. Baird lifted their price target on shares of Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. The Goldman Sachs Group upped their price objective on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Citigroup assumed coverage on shares of Regal Rexnord in a research report on Monday, October 14th. They issued a “buy” rating and a $200.00 target price on the stock. Finally, StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $193.63.

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.