Swiss National Bank Raises Stock Position in Regal Rexnord Co. (NYSE:RRX)

Swiss National Bank lifted its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 0.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,817 shares of the company’s stock after purchasing an additional 900 shares during the period. Swiss National Bank owned about 0.20% of Regal Rexnord worth $20,294,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Avantax Advisory Services Inc. increased its stake in shares of Regal Rexnord by 6.4% during the 4th quarter. Avantax Advisory Services Inc. now owns 2,633 shares of the company’s stock worth $408,000 after purchasing an additional 158 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Regal Rexnord by 34.9% during the 4th quarter. HighTower Advisors LLC now owns 3,306 shares of the company’s stock worth $513,000 after purchasing an additional 855 shares in the last quarter. Moors & Cabot Inc. increased its stake in shares of Regal Rexnord by 4.1% during the 4th quarter. Moors & Cabot Inc. now owns 2,139 shares of the company’s stock worth $332,000 after purchasing an additional 85 shares in the last quarter. Channing Capital Management LLC increased its stake in shares of Regal Rexnord by 27.2% during the 4th quarter. Channing Capital Management LLC now owns 68,422 shares of the company’s stock worth $10,614,000 after purchasing an additional 14,641 shares in the last quarter. Finally, Daiwa Securities Group Inc. purchased a new position in shares of Regal Rexnord during the 4th quarter worth approximately $822,000. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Stock Up 0.2 %

Shares of RRX opened at $118.70 on Wednesday. The firm has a market cap of $7.87 billion, a PE ratio of 40.24, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company’s fifty day moving average is $141.27 and its two-hundred day moving average is $157.37. Regal Rexnord Co. has a fifty-two week low of $113.73 and a fifty-two week 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.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. Analysts forecast 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. Investors of record on Monday, March 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.18%. Regal Rexnord’s payout ratio is 47.46%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RRX. Barclays dropped their price objective on shares of Regal Rexnord from $176.00 to $160.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Oppenheimer decreased their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. The Goldman Sachs Group raised their target price on shares of Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. StockNews.com lowered shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 16th. Finally, 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. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.