Moors & Cabot Inc. Takes $341,000 Position in Regal Rexnord Co. (NYSE:RRX)

Moors & Cabot Inc. bought a new position in shares of Regal Rexnord Co. (NYSE:RRX) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,054 shares of the company’s stock, valued at approximately $341,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Headlands Technologies LLC acquired a new stake in shares of Regal Rexnord during the second quarter worth $46,000. UMB Bank n.a. boosted its stake in Regal Rexnord by 72.5% in the 3rd quarter. UMB Bank n.a. now owns 345 shares of the company’s stock worth $57,000 after buying an additional 145 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in Regal Rexnord in the 1st quarter valued at about $68,000. 1620 Investment Advisors Inc. acquired a new position in shares of Regal Rexnord during the 2nd quarter valued at about $52,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Regal Rexnord by 13.9% during the 2nd quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock worth $87,000 after acquiring an additional 79 shares during the period. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Stock Performance

Regal Rexnord stock opened at $177.37 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45. Regal Rexnord Co. has a one year low of $113.79 and a one year high of $185.28. The stock’s 50 day moving average price is $170.10 and its 200 day moving average price is $157.21. The firm has a market capitalization of $11.75 billion, a PE ratio of 55.95, a price-to-earnings-growth ratio of 1.88 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.01. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the firm earned $2.10 earnings per share. The business’s quarterly revenue was down 10.4% compared to the same quarter last year. As a group, sell-side analysts expect that Regal Rexnord Co. will post 9.25 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.79%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord’s dividend payout ratio (DPR) is 44.16%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Citigroup assumed coverage on shares of Regal Rexnord in a report on Monday, October 14th. They issued a “buy” rating and a $200.00 target price for the company. Barclays upped their price objective on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Loop Capital restated a “buy” rating and issued a $200.00 price objective on shares of Regal Rexnord in a report on Thursday, September 19th. Finally, The Goldman Sachs Group boosted their target price on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Regal Rexnord currently has an average rating of “Moderate Buy” and an average price target of $193.00.

Insider Buying and Selling

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of Regal Rexnord stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 149,618 shares in the company, valued at $26,935,728.54. The trade was a 5.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.82% of the company’s stock.

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.