CenterBook Partners LP Boosts Stock Holdings in Regal Rexnord Corporation $RRX

CenterBook Partners LP raised its stake in Regal Rexnord Corporation (NYSE:RRX) by 16.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,083 shares of the company’s stock after buying an additional 4,321 shares during the period. CenterBook Partners LP’s holdings in Regal Rexnord were worth $4,362,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its holdings in Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock valued at $27,000 after buying an additional 49 shares in the last quarter. Parallel Advisors LLC boosted its position in Regal Rexnord by 6.5% during the fourth quarter. Parallel Advisors LLC now owns 888 shares of the company’s stock worth $125,000 after acquiring an additional 54 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its holdings in shares of Regal Rexnord by 0.4% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 14,855 shares of the company’s stock worth $2,084,000 after purchasing an additional 60 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Regal Rexnord by 35.9% during the third quarter. Allworth Financial LP now owns 265 shares of the company’s stock worth $38,000 after purchasing an additional 70 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of Regal Rexnord by 7.2% during the fourth quarter. CWM LLC now owns 1,075 shares of the company’s stock worth $151,000 after purchasing an additional 72 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Stock Up 2.7%

Shares of Regal Rexnord stock opened at $210.02 on Tuesday. The company has a fifty day moving average price of $203.32 and a 200 day moving average price of $182.59. The company has a current ratio of 2.17, a quick ratio of 1.08 and a debt-to-equity ratio of 0.69. Regal Rexnord Corporation has a twelve month low of $127.96 and a twelve month high of $236.35. The stock has a market cap of $13.98 billion, a price-to-earnings ratio of 48.84, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11.

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

Regal Rexnord Announces Dividend

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

Insider Buying and Selling

In related news, Director Robin A. Walker-Lee sold 1,297 shares of the company’s 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 completion of the sale, the director directly owned 5,503 shares of the company’s stock, valued at approximately $1,176,816.55. This represents a 19.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Louis V. Pinkham sold 22,509 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the sale, the chief executive officer directly owned 56,749 shares of the company’s stock, valued at approximately $12,012,628.32. This trade represents a 28.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 30,305 shares of company stock valued at $6,341,869. Company insiders own 0.63% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group raised their price objective on Regal Rexnord from $170.00 to $230.00 and gave the stock a “buy” rating in a report on Monday, February 9th. KeyCorp raised their price objective on Regal Rexnord from $255.00 to $265.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wall Street Zen cut shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, April 28th. JPMorgan Chase & Co. boosted their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Finally, Barclays boosted their price objective on shares of Regal Rexnord from $237.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, March 23rd. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Regal Rexnord presently has an average rating of “Moderate Buy” and a consensus target price of $232.25.

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.