CIBC Private Wealth Group LLC Decreases Stock Holdings in Regal Rexnord Corporation $RRX

CIBC Private Wealth Group LLC lowered its stake in shares of Regal Rexnord Corporation (NYSE:RRX) by 1.7% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 158,317 shares of the company’s stock after selling 2,704 shares during the period. CIBC Private Wealth Group LLC’s holdings in Regal Rexnord were worth $22,709,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. increased its position in Regal Rexnord by 475.2% in the third quarter. Oppenheimer Asset Management Inc. now owns 21,991 shares of the company’s stock worth $3,154,000 after buying an additional 18,168 shares in the last quarter. Granite Investment Partners LLC purchased a new position in shares of Regal Rexnord during the 2nd quarter valued at about $1,309,000. American Century Companies Inc. purchased a new position in shares of Regal Rexnord during the 3rd quarter valued at about $47,778,000. Nordea Investment Management AB grew its stake in shares of Regal Rexnord by 30.7% during the 3rd quarter. Nordea Investment Management AB now owns 2,028,936 shares of the company’s stock valued at $289,083,000 after acquiring an additional 476,802 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in Regal Rexnord by 55.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 124,005 shares of the company’s stock worth $17,788,000 after acquiring an additional 44,100 shares in the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Insider Transactions at Regal Rexnord

In related news, EVP Cheryl Lewis sold 2,262 shares of the stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $215.73, for a total transaction of $487,981.26. Following the completion of the transaction, the executive vice president directly owned 13,219 shares of the company’s stock, valued at approximately $2,851,734.87. This represents a 14.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Curtis W. Stoelting sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $180.00, for a total value of $810,000.00. Following the transaction, the director owned 15,617 shares of the company’s stock, valued at $2,811,060. This represents a 22.37% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 53,451 shares of company stock worth $11,386,689. 0.82% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RRX shares. Citigroup raised their target price on shares of Regal Rexnord from $180.00 to $230.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. The Goldman Sachs Group increased their price objective on shares of Regal Rexnord from $170.00 to $230.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. JPMorgan Chase & Co. raised their price objective on shares of Regal Rexnord from $190.00 to $230.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. KeyCorp lifted their target price on shares of Regal Rexnord from $200.00 to $255.00 and gave the company an “overweight” rating in a research note on Tuesday, February 10th. Finally, Jefferies Financial Group downgraded shares of Regal Rexnord from a “buy” rating to a “hold” rating and dropped their target price for the stock from $170.00 to $160.00 in a report on Wednesday, December 10th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $227.50.

Regal Rexnord Trading Up 0.1%

Regal Rexnord stock opened at $185.43 on Friday. The stock has a market cap of $12.33 billion, a P/E ratio of 44.15, a PEG ratio of 1.72 and a beta of 1.05. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.15 and a quick ratio of 1.10. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $229.30. The firm’s 50 day moving average price is $189.63 and its 200-day moving average price is $159.26.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Thursday, February 5th. The company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.54 billion. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. Regal Rexnord’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.34 earnings per share. On average, equities analysts predict that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, March 31st. Regal Rexnord’s dividend payout ratio is 33.33%.

About Regal Rexnord

Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company’s operations are organized into multiple business segments that address distinct customer needs.