State of Michigan Retirement System Trims Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

State of Michigan Retirement System lessened its stake in Regal Rexnord Co. (NYSE:RRX) by 1.8% in the second quarter, Holdings Channel reports. The institutional investor owned 16,001 shares of the company’s stock after selling 300 shares during the quarter. State of Michigan Retirement System’s holdings in Regal Rexnord were worth $2,164,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Regal Rexnord by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock worth $1,004,848,000 after acquiring an additional 24,847 shares during the period. Channing Capital Management LLC increased its position in Regal Rexnord by 7.7% in the fourth quarter. Channing Capital Management LLC now owns 84,383 shares of the company’s stock worth $12,490,000 after buying an additional 6,051 shares during the period. CANADA LIFE ASSURANCE Co increased its position in Regal Rexnord by 8.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 58,336 shares of the company’s stock worth $10,515,000 after buying an additional 4,342 shares during the period. Blair William & Co. IL increased its position in Regal Rexnord by 161.4% in the first quarter. Blair William & Co. IL now owns 7,770 shares of the company’s stock worth $1,399,000 after buying an additional 4,798 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Regal Rexnord by 2.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,397,492 shares of the company’s stock valued at $206,862,000 after acquiring an additional 30,688 shares during the period. Institutional investors own 99.72% of the company’s stock.

Regal Rexnord Price Performance

NYSE RRX opened at $165.75 on Wednesday. The firm has a market capitalization of $11.03 billion, a PE ratio of -345.31, a P/E/G ratio of 1.67 and a beta of 1.06. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38. Regal Rexnord Co. has a 12 month low of $97.18 and a 12 month high of $183.85. The company’s 50 day simple moving average is $148.98 and its 200 day simple moving average is $157.53.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.15. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The firm’s revenue for the quarter was down 12.5% on a year-over-year basis. During the same period last year, the firm earned $2.56 EPS. As a group, equities research analysts forecast that Regal Rexnord Co. will post 9.47 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend is Friday, September 27th. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RRX shares. Raymond James began coverage on shares of Regal Rexnord in a report on Friday, June 28th. They issued a “market perform” rating on the stock. KeyCorp dropped their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Robert W. Baird lifted their price target on Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. StockNews.com upgraded Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Finally, The Goldman Sachs Group lifted their target price on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $189.83.

About Regal Rexnord

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.