Allspring Global Investments Holdings LLC Cuts Holdings in Regal Rexnord Corporation $RRX

Allspring Global Investments Holdings LLC lowered its position in Regal Rexnord Corporation (NYSE:RRX) by 25.5% during the first quarter, Holdings Channel.com reports. The fund owned 351,645 shares of the company’s stock after selling 120,480 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Regal Rexnord were worth $67,298,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Covestor Ltd increased its stake in Regal Rexnord by 81.6% during the fourth quarter. Covestor Ltd now owns 178 shares of the company’s stock worth $25,000 after acquiring an additional 80 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Regal Rexnord by 135.1% in 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 in the last quarter. Garner Asset Management Corp purchased a new stake in shares of Regal Rexnord during the 4th quarter worth about $27,000. IFP Advisors Inc grew its holdings in shares of Regal Rexnord by 34.0% during the 4th quarter. IFP Advisors Inc now owns 193 shares of the company’s stock worth $27,000 after purchasing an additional 49 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in Regal Rexnord during the 3rd quarter worth approximately $35,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Trading Down 2.2%

Shares of RRX opened at $207.29 on Friday. The company has a market capitalization of $13.80 billion, a P/E ratio of 48.21, a P/E/G ratio of 1.99 and a beta of 1.08. Regal Rexnord Corporation has a one year low of $127.96 and a one year high of $247.80. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 2.17. The stock has a 50-day moving average price of $211.75 and a 200 day moving average price of $197.27.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings data on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.06. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the business earned $2.15 EPS. Regal Rexnord’s revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts forecast that Regal Rexnord Corporation will post 10.64 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RRX shares. Barclays lifted their price target on shares of Regal Rexnord from $237.00 to $245.00 and gave the company an “overweight” rating in a research report on Monday, March 23rd. Wolfe Research set a $250.00 price objective on shares of Regal Rexnord in a research report on Thursday, July 9th. UBS Group set a $260.00 target price on shares of Regal Rexnord in a research note on Monday, June 15th. Weiss Ratings restated a “hold (c)” rating on shares of Regal Rexnord in a report on Tuesday, April 21st. Finally, KeyCorp upped their price target on shares of Regal Rexnord from $255.00 to $265.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus target price of $243.45.

Insider Activity at Regal Rexnord

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

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.