Diamond Hill Capital Management Inc. Trims Stake in Regal Rexnord Co. (NYSE:RRX)

Diamond Hill Capital Management Inc. cut its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 8.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,908,349 shares of the company’s stock after selling 257,963 shares during the quarter. Regal Rexnord makes up approximately 2.0% of Diamond Hill Capital Management Inc.’s holdings, making the stock its 13th biggest holding. Diamond Hill Capital Management Inc. owned about 4.39% of Regal Rexnord worth $451,172,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Skandinaviska Enskilda Banken AB publ increased its position in shares of Regal Rexnord by 472.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company’s stock worth $25,000 after acquiring an additional 137 shares during the period. Tobam purchased a new position in shares of Regal Rexnord during the fourth quarter worth approximately $45,000. Jones Financial Companies Lllp increased its position in shares of Regal Rexnord by 90.5% during the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company’s stock worth $50,000 after acquiring an additional 153 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Regal Rexnord by 45.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 337 shares of the company’s stock worth $52,000 after acquiring an additional 105 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its position in shares of Regal Rexnord by 30.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock worth $71,000 after acquiring an additional 100 shares during the period. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Price Performance

Shares of RRX opened at $114.55 on Friday. The company has a market cap of $7.59 billion, a price-to-earnings ratio of 38.83, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. Regal Rexnord Co. has a twelve month low of $113.73 and a twelve month high of $185.28. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87. The company has a 50 day moving average of $143.67 and a two-hundred day moving average of $158.49.

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

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.22%. Regal Rexnord’s payout ratio is currently 47.46%.

Wall Street Analysts Forecast Growth

RRX has been the topic of a number of research reports. Jefferies Financial Group initiated coverage on shares of Regal Rexnord in a research report on Thursday, December 12th. They set a “buy” rating and a $215.00 target price on the stock. Barclays cut their price objective on shares of Regal Rexnord from $176.00 to $160.00 and set an “overweight” rating on the stock in a report on Monday. Oppenheimer cut their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Citigroup cut their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, StockNews.com lowered shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 16th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and an average price target of $195.75.

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.