PDT Partners LLC Lowers Position in Regal Rexnord Co. (NYSE:RRX)

PDT Partners LLC reduced its stake in Regal Rexnord Co. (NYSE:RRX) by 56.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,842 shares of the company’s stock after selling 12,856 shares during the period. PDT Partners LLC’s holdings in Regal Rexnord were worth $1,633,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Headlands Technologies LLC purchased a new position in shares of Regal Rexnord during the second quarter worth $46,000. 1620 Investment Advisors Inc. acquired a new position in Regal Rexnord during the 2nd quarter worth about $52,000. UMB Bank n.a. boosted its holdings in Regal Rexnord by 72.5% during the 3rd quarter. UMB Bank n.a. now owns 345 shares of the company’s stock valued at $57,000 after acquiring an additional 145 shares during the period. GAMMA Investing LLC grew its position in Regal Rexnord by 13.9% in the 2nd quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock valued at $87,000 after acquiring an additional 79 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Regal Rexnord by 25.4% during the second quarter. CWM LLC now owns 825 shares of the company’s stock worth $112,000 after purchasing an additional 167 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RRX. Robert W. Baird dropped their price objective on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Citigroup started coverage on shares of Regal Rexnord in a research note on Monday, October 14th. They issued a “buy” rating and a $200.00 price target for the company. Loop Capital reiterated a “buy” rating and issued a $200.00 price objective on shares of Regal Rexnord in a research note on Thursday, September 19th. Barclays lifted their price objective on Regal Rexnord from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $193.00.

Regal Rexnord Stock Performance

Shares of Regal Rexnord stock opened at $172.71 on Monday. The firm’s fifty day simple moving average is $170.84 and its 200-day simple moving average is $157.58. Regal Rexnord Co. has a 12 month low of $117.32 and a 12 month high of $185.28. The stock has a market capitalization of $11.44 billion, a price-to-earnings ratio of 54.48, a PEG ratio of 1.87 and a beta of 1.04. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings data on Monday, November 4th. The company reported $2.49 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.01. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the business posted $2.10 earnings per share. Regal Rexnord’s quarterly revenue was down 10.4% on a year-over-year basis. As a group, equities analysts forecast that Regal Rexnord Co. will post 9.25 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.35 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.81%. Regal Rexnord’s payout ratio is 44.16%.

Insider Buying and Selling at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 8,774 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the completion of the sale, the chief executive officer now directly owns 149,618 shares of the company’s stock, valued at $26,935,728.54. This trade represents a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.82% of the company’s stock.

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.