Thrivent Financial for Lutherans Sells 19,013 Shares of Regal Rexnord Co. (NYSE:RRX)

Thrivent Financial for Lutherans decreased its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 12.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,940 shares of the company’s stock after selling 19,013 shares during the quarter. Thrivent Financial for Lutherans owned about 0.20% of Regal Rexnord worth $21,720,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. CANADA LIFE ASSURANCE Co increased its holdings in shares of Regal Rexnord by 8.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 58,336 shares of the company’s stock worth $10,515,000 after acquiring an additional 4,342 shares in the last quarter. PEAK6 Investments LLC increased its stake in shares of Regal Rexnord by 52.2% during the first quarter. PEAK6 Investments LLC now owns 28,696 shares of the company’s stock worth $5,168,000 after purchasing an additional 9,848 shares during the period. Harbor Capital Advisors Inc. bought a new stake in Regal Rexnord in the 2nd quarter valued at about $1,173,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Regal Rexnord by 31.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,686 shares of the company’s stock valued at $2,662,000 after purchasing an additional 4,701 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its stake in Regal Rexnord by 7.0% during the second quarter. Texas Permanent School Fund Corp now owns 62,101 shares of the company’s stock worth $8,397,000 after purchasing an additional 4,076 shares during the last quarter. Institutional investors own 99.72% of the company’s stock.

Insider Activity at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 8,774 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $180.03, for a total value of $1,579,583.22. Following the completion of the sale, the chief executive officer now owns 149,618 shares in the company, valued at approximately $26,935,728.54. This trade represents a 5.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RRX has been the topic of several analyst reports. Citigroup initiated coverage on shares of Regal Rexnord in a research note on Monday, October 14th. They issued a “buy” rating and a $200.00 price objective on the stock. The Goldman Sachs Group increased their price target on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Barclays upped 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. 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. Finally, Robert W. Baird lowered their price objective on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus price target of $193.00.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $172.02 on Wednesday. The company has a market capitalization of $11.39 billion, a P/E ratio of 54.26, a P/E/G ratio of 1.83 and a beta of 1.04. The business’s 50 day moving average is $168.21 and its two-hundred day moving average is $156.88. Regal Rexnord Co. has a 12-month low of $113.79 and a 12-month high of $185.28. The company has a current ratio of 2.45, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings data on Monday, November 4th. The company reported $2.49 EPS 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 analyst estimates of $1.53 billion. During the same quarter last year, the firm posted $2.10 earnings per share. The business’s revenue for the quarter was down 10.4% compared to the same quarter last year. Analysts expect that Regal Rexnord Co. will post 9.25 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

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 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%.

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.