Regal Rexnord Co. (NYSE:RRX) Holdings Lifted by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC increased its position in Regal Rexnord Co. (NYSE:RRX) by 0.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 651,586 shares of the company’s stock after purchasing an additional 5,331 shares during the period. Regal Rexnord accounts for about 1.6% of TimesSquare Capital Management LLC’s holdings, making the stock its 9th biggest position. TimesSquare Capital Management LLC’s holdings in Regal Rexnord were worth $108,085,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RRX. Victory Capital Management Inc. lifted its position in shares of Regal Rexnord by 42.7% during the second quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock worth $254,832,000 after acquiring an additional 563,853 shares in the last quarter. Capital World Investors lifted its holdings in Regal Rexnord by 4.7% during the 1st quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock worth $1,188,615,000 after purchasing an additional 296,941 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Regal Rexnord by 24.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock worth $152,183,000 after purchasing an additional 222,775 shares during the period. Diamond Hill Capital Management Inc. grew its holdings in Regal Rexnord by 7.1% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock valued at $430,255,000 after buying an additional 209,776 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Regal Rexnord by 31.5% during the second quarter. Principal Financial Group Inc. now owns 714,179 shares of the company’s stock valued at $96,571,000 after buying an additional 171,069 shares during the period. 99.72% of the stock is currently owned by institutional investors.

Regal Rexnord Stock Performance

NYSE RRX opened at $175.06 on Friday. Regal Rexnord Co. has a 52-week low of $105.11 and a 52-week high of $185.28. The company has a fifty day moving average of $166.02 and a 200-day moving average of $156.53. The company has a market capitalization of $11.59 billion, a P/E ratio of 55.22, a P/E/G ratio of 1.97 and a beta of 1.04. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.38 and a current ratio of 2.45.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.01. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.53 billion. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The company’s revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.10 earnings per share. As a group, equities research analysts predict that Regal Rexnord Co. will post 9.2 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend is Tuesday, December 31st. Regal Rexnord’s dividend payout ratio is currently 44.16%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on RRX shares. Citigroup began coverage on shares of Regal Rexnord in a research report on Monday, October 14th. They issued a “buy” rating and a $200.00 price objective for the company. Loop Capital reissued a “buy” rating and issued a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Barclays increased their price objective on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Finally, KeyCorp reduced their target price on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $193.00.

Regal Rexnord Company Profile

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.