Granite Investment Partners LLC Takes $1.31 Million Position in Regal Rexnord Corporation $RRX

Granite Investment Partners LLC bought a new position in shares of Regal Rexnord Corporation (NYSE:RRX) during the second quarter, according to its most recent filing with the SEC. The fund bought 9,027 shares of the company’s stock, valued at approximately $1,309,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in Regal Rexnord during the second quarter worth about $256,155,000. Nordea Investment Management AB bought a new position in shares of Regal Rexnord during the 2nd quarter valued at approximately $224,889,000. Nuveen LLC purchased a new stake in shares of Regal Rexnord during the 1st quarter worth approximately $117,996,000. Invesco Ltd. raised its holdings in shares of Regal Rexnord by 76.3% in the 1st quarter. Invesco Ltd. now owns 932,829 shares of the company’s stock worth $106,203,000 after purchasing an additional 403,845 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Regal Rexnord by 30.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company’s stock valued at $194,955,000 after purchasing an additional 396,737 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on RRX. The Goldman Sachs Group decreased their target price on Regal Rexnord from $192.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, September 16th. Wall Street Zen lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Sunday, September 21st. KeyCorp dropped their price objective on shares of Regal Rexnord from $180.00 to $170.00 and set an “overweight” rating on the stock in a report on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research note on Wednesday, October 8th. Finally, Robert W. Baird set a $212.00 price target on shares of Regal Rexnord in a research note on Friday, October 31st. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Regal Rexnord presently has an average rating of “Moderate Buy” and a consensus price target of $184.63.

Regal Rexnord Trading Down 1.1%

Shares of RRX opened at $143.37 on Wednesday. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve month high of $177.48. The stock has a market cap of $9.52 billion, a PE ratio of 37.05, a P/E/G ratio of 1.52 and a beta of 1.19. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 0.72. The business’s 50-day moving average price is $141.50 and its 200-day moving average price is $143.85.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Friday, September 8th. The company reported $2.76 EPS for the quarter. The company had revenue of $1.85 billion during the quarter. Regal Rexnord had a net margin of 4.38% and a return on equity of 9.75%. On average, equities analysts forecast that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 14th. Stockholders of record on Wednesday, December 31st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Wednesday, December 31st. Regal Rexnord’s payout ratio is 36.18%.

Insider Buying and Selling at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 35,935 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $146.20, for a total value of $5,253,697.00. Following the sale, the chief executive officer owned 103,262 shares in the company, valued at approximately $15,096,904.40. This trade represents a 25.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.82% of the company’s stock.

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.