Regal Rexnord Co. (NYSE:RRX) Shares Bought by Arizona State Retirement System

Arizona State Retirement System grew its holdings in Regal Rexnord Co. (NYSE:RRX) by 0.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,312 shares of the company’s stock after acquiring an additional 158 shares during the period. Arizona State Retirement System’s holdings in Regal Rexnord were worth $2,996,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of RRX. Point72 Asset Management L.P. acquired a new position in Regal Rexnord during the 3rd quarter worth $83,460,000. Westfield Capital Management Co. LP boosted its stake in shares of Regal Rexnord by 68.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 979,521 shares of the company’s stock valued at $162,483,000 after buying an additional 399,649 shares during the period. Victory Capital Management Inc. grew its position in shares of Regal Rexnord by 20.1% during the fourth quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company’s stock worth $337,712,000 after buying an additional 363,728 shares in the last quarter. TimesSquare Capital Management LLC increased its stake in shares of Regal Rexnord by 35.7% during the fourth quarter. TimesSquare Capital Management LLC now owns 884,095 shares of the company’s stock worth $137,150,000 after buying an additional 232,509 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Regal Rexnord by 6.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,289,917 shares of the company’s stock worth $213,971,000 after buying an additional 83,823 shares during the period. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on RRX. StockNews.com downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 16th. Oppenheimer decreased their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Barclays dropped their target price on Regal Rexnord from $190.00 to $176.00 and set an “overweight” rating on the stock in a report on Friday, February 14th. Jefferies Financial Group started coverage on Regal Rexnord in a report on Thursday, December 12th. They set a “buy” rating and a $215.00 price target for the company. Finally, Citigroup dropped their price objective on Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $197.75.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $122.47 on Monday. The stock’s 50-day moving average is $146.62 and its two-hundred day moving average is $159.72. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. Regal Rexnord Co. has a 1 year low of $117.18 and a 1 year high of $185.28. The firm has a market cap of $8.12 billion, a price-to-earnings ratio of 41.52, a PEG ratio of 1.37 and a beta of 1.11.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. Analysts predict that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a $0.35 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.14%. Regal Rexnord’s payout ratio is 47.46%.

Regal Rexnord 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.