Moors & Cabot Inc. Acquires Shares of 2,054 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 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.

A number of other institutional investors have also modified their holdings of the business. Diamond Hill Capital Management Inc. grew its position in Regal Rexnord by 7.1% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock worth $430,255,000 after purchasing an additional 209,776 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Regal Rexnord by 42.7% during the second quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock worth $254,832,000 after buying an additional 563,853 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Regal Rexnord by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,422,350 shares of the company’s stock valued at $192,338,000 after acquiring an additional 8,159 shares during the period. The Manufacturers Life Insurance Company raised its stake in Regal Rexnord by 24.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock valued at $152,183,000 after acquiring an additional 222,775 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Regal Rexnord by 31.5% during the 2nd quarter. Principal Financial Group Inc. now owns 714,179 shares of the company’s stock worth $96,571,000 after acquiring an additional 171,069 shares during the period. 99.72% of the stock is owned by institutional investors and hedge funds.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $177.37 on Friday. The firm has a market capitalization of $11.75 billion, a price-to-earnings ratio of 55.95, a price-to-earnings-growth ratio of 1.88 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. The business’s 50 day simple moving average is $170.10 and its 200-day simple moving average is $157.21. Regal Rexnord Co. has a 12 month low of $113.79 and a 12 month high of $185.28.

Regal Rexnord (NYSE:RRX) last posted 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 return on equity of 9.48% and a net margin of 3.41%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the company earned $2.10 earnings per share. Regal Rexnord’s revenue was down 10.4% compared to the same quarter last year. As a group, equities analysts forecast that Regal Rexnord Co. will post 9.25 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

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

Insider Activity

In related news, CEO Louis V. Pinkham sold 8,774 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 149,618 shares of the company’s stock, valued at approximately $26,935,728.54. This represents a 5.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Barclays upped their price target on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Robert W. Baird dropped their price target on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Citigroup initiated coverage on shares of Regal Rexnord in a research report on Monday, October 14th. They issued a “buy” rating and a $200.00 price objective for the company. 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 research report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $193.00.

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.