Wafra Inc. Decreases Stock Position in Regal Rexnord Co. (NYSE:RRX)

Wafra Inc. lessened its stake in shares of Regal Rexnord Co. (NYSE:RRXFree Report) by 48.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 142,618 shares of the company’s stock after selling 134,044 shares during the period. Regal Rexnord accounts for approximately 1.2% of Wafra Inc.’s holdings, making the stock its 28th biggest position. Wafra Inc. owned 0.21% of Regal Rexnord worth $21,110,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Xponance Inc. increased its position in Regal Rexnord by 1.2% during the fourth quarter. Xponance Inc. now owns 8,003 shares of the company’s stock valued at $1,185,000 after acquiring an additional 91 shares during the last quarter. Mariner LLC raised its position in Regal Rexnord by 2.1% in the 3rd quarter. Mariner LLC now owns 5,525 shares of the company’s stock worth $789,000 after purchasing an additional 113 shares during the period. Commonwealth Equity Services LLC lifted its stake in Regal Rexnord by 3.7% in the third quarter. Commonwealth Equity Services LLC now owns 3,277 shares of the company’s stock worth $468,000 after purchasing an additional 118 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in Regal Rexnord by 652.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 173 shares of the company’s stock worth $25,000 after purchasing an additional 150 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in shares of Regal Rexnord by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 29,965 shares of the company’s stock valued at $4,281,000 after buying an additional 153 shares during the period. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RRX shares. Oppenheimer increased their price target on Regal Rexnord from $185.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, March 13th. Robert W. Baird upped their target price on shares of Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. StockNews.com upgraded Regal Rexnord from a “hold” rating to a “buy” rating in a report on Monday, May 13th. KeyCorp upped their target price on Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a report on Monday, March 25th. Finally, Barclays cut their price target on Regal Rexnord from $203.00 to $199.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 8th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Regal Rexnord presently has a consensus rating of “Buy” and an average price target of $195.60.

Get Our Latest Report on RRX

Regal Rexnord Stock Performance

Shares of NYSE:RRX traded down $0.52 on Friday, reaching $159.68. The company had a trading volume of 234,064 shares, compared to its average volume of 445,213. The company has a current ratio of 2.62, a quick ratio of 1.56 and a debt-to-equity ratio of 0.99. Regal Rexnord Co. has a 52-week low of $97.18 and a 52-week high of $183.85. The firm’s 50 day simple moving average is $168.30 and its 200-day simple moving average is $148.62.

Regal Rexnord (NYSE:RRXGet Free Report) last issued its quarterly earnings data on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.02. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.56 billion. Regal Rexnord had a positive return on equity of 9.42% and a negative net margin of 0.48%. The firm’s revenue for the quarter was up 26.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.22 earnings per share. As a group, analysts expect that Regal Rexnord Co. will post 9.88 EPS for the current year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 0.88%. Regal Rexnord’s payout ratio is -291.67%.

Insider Buying and Selling at Regal Rexnord

In other news, EVP Thomas E. Valentyn sold 1,931 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total transaction of $320,719.79. Following the transaction, the executive vice president now directly owns 27,180 shares of the company’s stock, valued at $4,514,326.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Thomas E. Valentyn sold 1,931 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $166.09, for a total transaction of $320,719.79. Following the transaction, the executive vice president now owns 27,180 shares in the company, valued at $4,514,326.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas E. Valentyn sold 647 shares of Regal Rexnord stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $169.70, for a total transaction of $109,795.90. Following the completion of the sale, the executive vice president now owns 28,412 shares of the company’s stock, valued at $4,821,516.40. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Regal Rexnord Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Regal Rexnord (NYSE:RRX)

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