AIA Group Ltd Cuts Holdings in Regal Rexnord Corporation $RRX

AIA Group Ltd lowered its position in shares of Regal Rexnord Corporation (NYSE:RRX) by 62.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,567 shares of the company’s stock after selling 4,208 shares during the quarter. AIA Group Ltd’s holdings in Regal Rexnord were worth $481,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Easterly Investment Partners LLC boosted its stake in Regal Rexnord by 719.4% during the fourth quarter. Easterly Investment Partners LLC now owns 75,354 shares of the company’s stock valued at $10,574,000 after buying an additional 66,158 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Regal Rexnord by 42.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,793 shares of the company’s stock valued at $3,619,000 after acquiring an additional 7,647 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Regal Rexnord by 5.2% in the 4th quarter. Vontobel Holding Ltd. now owns 276,266 shares of the company’s stock valued at $38,766,000 after acquiring an additional 13,564 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Regal Rexnord by 42.6% during the 4th quarter. Victory Capital Management Inc. now owns 5,658,365 shares of the company’s stock valued at $793,983,000 after acquiring an additional 1,690,264 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its position in Regal Rexnord by 65.1% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 158,582 shares of the company’s stock valued at $22,252,000 after purchasing an additional 62,530 shares during the last quarter. 99.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Oppenheimer reissued an “outperform” rating on shares of Regal Rexnord in a research note on Friday, July 10th. Barclays lifted their price target on Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, March 23rd. DA Davidson started coverage on Regal Rexnord in a research report on Tuesday, June 16th. They set a “buy” rating and a $260.00 price objective on the stock. Finally, Wall Street Zen cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Saturday. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $247.00.

Insider Activity at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction dated 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 completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert Rehard sold 6,499 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $200.00, for a total value of $1,299,800.00. Following the completion of the transaction, the chief financial officer directly owned 27,965 shares of the company’s stock, valued at $5,593,000. This represents a 18.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,305 shares of company stock worth $6,341,869 over the last 90 days. 0.63% of the stock is owned by company insiders.

Regal Rexnord Trading Down 0.5%

Shares of RRX stock opened at $205.69 on Tuesday. The business has a 50-day moving average of $211.65 and a 200 day moving average of $198.10. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.17 and a quick ratio of 1.08. Regal Rexnord Corporation has a 1-year low of $127.96 and a 1-year high of $247.80. The stock has a market capitalization of $13.69 billion, a PE ratio of 47.83, a P/E/G ratio of 1.94 and a beta of 1.08.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.11 by $0.06. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.15 earnings per share. As a group, sell-side analysts anticipate that Regal Rexnord Corporation will post 10.64 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 0.7%. Regal Rexnord’s dividend payout ratio (DPR) is presently 32.56%.

Regal Rexnord Company 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.