Castleark Management LLC Acquires Shares of 19,390 Regal Rexnord Corporation $RRX

Castleark Management LLC acquired a new stake in shares of Regal Rexnord Corporation (NYSE:RRX) in the first quarter, Holdings Channel.com reports. The institutional investor acquired 19,390 shares of the company’s stock, valued at approximately $3,631,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Covestor Ltd raised its holdings in shares of Regal Rexnord by 81.6% in the 4th 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. Garner Asset Management Corp acquired a new position in Regal Rexnord during the 4th quarter valued at about $27,000. IFP Advisors Inc increased its holdings in 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 in the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Regal Rexnord by 135.1% in the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after purchasing an additional 127 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of Regal Rexnord in the third quarter worth approximately $35,000. 99.72% of the stock is owned by institutional investors.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 22,509 shares of the 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 completion of the transaction, the chief executive officer directly owned 56,749 shares of the company’s stock, valued at approximately $12,012,628.32. This represents a 28.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert Rehard sold 6,499 shares of the firm’s stock in a transaction 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 sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 30,305 shares of company stock worth $6,341,869. Insiders own 0.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on RRX shares. Wall Street Zen cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. JPMorgan Chase & Co. raised their price objective on Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Citigroup lifted their price objective on shares of Regal Rexnord from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. KeyCorp upped their target price on shares of Regal Rexnord from $255.00 to $265.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a report on Friday, July 17th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Regal Rexnord presently has a consensus rating of “Moderate Buy” and a consensus price target of $247.00.

Regal Rexnord Price Performance

RRX opened at $211.31 on Tuesday. The firm has a market cap of $14.07 billion, a P/E ratio of 49.14, a PEG ratio of 2.00 and a beta of 1.08. The firm has a 50-day moving average of $212.80 and a 200 day moving average of $200.44. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 2.17. Regal Rexnord Corporation has a fifty-two week low of $127.96 and a fifty-two week high of $247.80.

Regal Rexnord (NYSE:RRX) last released its earnings results 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. 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 for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the previous year, the company earned $2.15 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. On average, research analysts expect that Regal Rexnord Corporation will post 10.64 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th will be paid a $0.35 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 0.7%. Regal Rexnord’s dividend payout ratio is presently 32.56%.

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.