Corebridge Financial Inc. Sells 3,748 Shares of Regal Rexnord Co. (NYSE:RRX)

Corebridge Financial Inc. trimmed its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 4.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 74,939 shares of the company’s stock after selling 3,748 shares during the quarter. Corebridge Financial Inc.’s holdings in Regal Rexnord were worth $11,625,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. LPL Financial LLC lifted its position in Regal Rexnord by 14.2% during the fourth quarter. LPL Financial LLC now owns 32,007 shares of the company’s stock valued at $4,965,000 after purchasing an additional 3,982 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Regal Rexnord during the 4th quarter worth $2,099,000. Sei Investments Co. increased its stake in Regal Rexnord by 7.5% in the fourth quarter. Sei Investments Co. now owns 21,366 shares of the company’s stock valued at $3,315,000 after acquiring an additional 1,492 shares during the last quarter. American Century Companies Inc. increased its stake in Regal Rexnord by 3.3% in the fourth quarter. American Century Companies Inc. now owns 434,130 shares of the company’s stock valued at $67,347,000 after acquiring an additional 13,908 shares during the last quarter. Finally, 1620 Investment Advisors Inc. lifted its stake in Regal Rexnord by 43.4% during the fourth quarter. 1620 Investment Advisors Inc. now owns 648 shares of the company’s stock worth $101,000 after purchasing an additional 196 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of Regal Rexnord stock opened at $124.79 on Wednesday. The business has a 50 day moving average of $138.27 and a 200 day moving average of $156.25. Regal Rexnord Co. has a 52 week low of $113.73 and a 52 week high of $185.28. The company has a market cap of $8.27 billion, a PE ratio of 42.30, a P/E/G ratio of 1.37 and a beta of 1.11. 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 posted its earnings results on Wednesday, February 5th. The company reported $2.34 EPS for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. As a group, equities research analysts forecast that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.35 per share. 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 1.12%. Regal Rexnord’s dividend payout ratio (DPR) is 47.46%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. The Goldman Sachs Group increased their price objective on Regal Rexnord from $191.00 to $213.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Oppenheimer decreased their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a research note 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 for the company in a research note on Tuesday, January 14th. StockNews.com cut 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 Regal Rexnord in a research report on Thursday, December 12th. They issued a “buy” rating and a $215.00 price objective for the company. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Regal Rexnord has a consensus rating of “Moderate Buy” and a consensus target price of $195.75.

Regal Rexnord Company 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.