Bank of New York Mellon Corp Acquires 55,043 Shares of Regal Rexnord Corporation $RRX

Bank of New York Mellon Corp boosted its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 6.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 852,079 shares of the company’s stock after purchasing an additional 55,043 shares during the quarter. Bank of New York Mellon Corp’s holdings in Regal Rexnord were worth $119,564,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Covestor Ltd lifted its holdings in shares of Regal Rexnord by 81.6% during the fourth quarter. Covestor Ltd now owns 178 shares of the company’s stock worth $25,000 after buying an additional 80 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Regal Rexnord in the third quarter worth $27,000. Garner Asset Management Corp bought a new position in Regal Rexnord during the fourth quarter worth $27,000. IFP Advisors Inc increased its position in Regal Rexnord by 34.0% during the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock worth $27,000 after acquiring an additional 49 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in Regal Rexnord by 135.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock valued at $25,000 after purchasing an additional 127 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Wall Street Zen downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. upped their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. The Goldman Sachs Group increased their target price on shares of Regal Rexnord from $170.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, February 9th. Barclays lifted their target price on Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday, March 23rd. Finally, Citigroup upped their price target on Regal Rexnord from $230.00 to $240.00 and gave the company a “buy” rating in a report on Monday, April 13th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Regal Rexnord has a consensus rating of “Moderate Buy” and a consensus price target of $232.25.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, Director Robin A. Walker-Lee sold 1,297 shares of Regal Rexnord stock in a transaction on Monday, May 11th. The stock was sold at an average price of $213.85, for a total transaction of $277,363.45. Following the completion of the transaction, the director directly owned 5,503 shares of the company’s stock, valued at approximately $1,176,816.55. This trade represents a 19.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Louis V. Pinkham sold 22,509 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the completion of the sale, the chief executive officer owned 56,749 shares in the company, valued at $12,012,628.32. This represents a 28.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,305 shares of company stock valued at $6,341,869 in the last 90 days. 0.63% of the stock is owned by corporate insiders.

Regal Rexnord Stock Performance

NYSE RRX opened at $205.14 on Monday. Regal Rexnord Corporation has a twelve month low of $127.96 and a twelve month high of $236.35. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. The stock has a market cap of $13.66 billion, a P/E ratio of 47.71, a PEG ratio of 1.92 and a beta of 1.11. The company’s 50-day simple moving average is $202.87 and its 200 day simple moving average is $182.03.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Thursday, May 7th. The company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.15 earnings per share. As a group, research analysts forecast that Regal Rexnord Corporation will post 10.63 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 annualized dividend and a yield of 0.7%. Regal Rexnord’s payout ratio is currently 32.56%.

Regal Rexnord Profile

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.