Regal Rexnord Co. (NYSE:RRX) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 702,402 shares of the company’s stock after selling 11,777 shares during the quarter. Principal Financial Group Inc. owned 1.06% of Regal Rexnord worth $116,515,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in RRX. CIBC Asset Management Inc grew its holdings in shares of Regal Rexnord by 3.2% in the 3rd quarter. CIBC Asset Management Inc now owns 1,960 shares of the company’s stock worth $325,000 after acquiring an additional 61 shares during the period. Hengehold Capital Management LLC boosted its position in Regal Rexnord by 1.5% during the third quarter. Hengehold Capital Management LLC now owns 4,315 shares of the company’s stock worth $716,000 after purchasing an additional 65 shares in the last quarter. 1620 Investment Advisors Inc. grew its holdings in Regal Rexnord by 17.4% in the third quarter. 1620 Investment Advisors Inc. now owns 452 shares of the company’s stock valued at $75,000 after purchasing an additional 67 shares during the last quarter. iA Global Asset Management Inc. increased its position in shares of Regal Rexnord by 2.7% in the third quarter. iA Global Asset Management Inc. now owns 2,626 shares of the company’s stock valued at $436,000 after buying an additional 68 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Regal Rexnord by 2.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,616 shares of the company’s stock worth $601,000 after buying an additional 95 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RRX. The Goldman Sachs Group increased their price objective on shares of Regal Rexnord from $191.00 to $213.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Robert W. Baird lowered their price target on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Jefferies Financial Group assumed coverage on Regal Rexnord in a research report on Thursday, December 12th. They set a “buy” rating and a $215.00 price objective for the company. Citigroup began coverage on Regal Rexnord in a report on Monday, October 14th. They set a “buy” rating and a $200.00 target price on the stock. Finally, StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $205.13.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of the business’s 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 completion of the sale, the chief executive officer now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.82% of the stock is owned by insiders.

Regal Rexnord Stock Down 0.0 %

RRX stock opened at $155.96 on Friday. The company has a 50 day moving average price of $170.99 and a two-hundred day moving average price of $159.07. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45. The stock has a market capitalization of $10.33 billion, a P/E ratio of 49.20, a PEG ratio of 1.83 and a beta of 1.03. Regal Rexnord Co. has a one year low of $130.94 and a one year high of $185.28.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Monday, November 4th. The company reported $2.49 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.01. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the business earned $2.10 earnings per share. The business’s revenue for the quarter was down 10.4% on a year-over-year basis. As a group, sell-side analysts expect that Regal Rexnord Co. will post 9.24 EPS for the current year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a $0.35 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 annualized dividend and a dividend yield of 0.90%. Regal Rexnord’s dividend payout ratio is presently 44.16%.

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.