Forest Avenue Capital Management LP Decreases Position in Regal Rexnord Co. (NYSE:RRX)

Forest Avenue Capital Management LP reduced its position in shares of Regal Rexnord Co. (NYSE:RRX) by 69.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,313 shares of the company’s stock after selling 181,669 shares during the period. Regal Rexnord accounts for about 1.2% of Forest Avenue Capital Management LP’s portfolio, making the stock its 20th largest holding. Forest Avenue Capital Management LP owned 0.12% of Regal Rexnord worth $12,614,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in 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 purchasing an additional 137 shares in the last quarter. Bernard Wealth Management Corp. purchased a new position in shares of Regal Rexnord in the fourth quarter worth about $30,000. Aster Capital Management DIFC Ltd acquired a new position in Regal Rexnord during the fourth quarter worth about $33,000. Tobam purchased a new stake in Regal Rexnord during the 4th quarter valued at about $45,000. Finally, Jones Financial Companies Lllp lifted its stake in Regal Rexnord by 90.5% in the 4th quarter. Jones Financial Companies Lllp now owns 322 shares of the company’s stock worth $50,000 after purchasing an additional 153 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $99.08 on Monday. Regal Rexnord Co. has a one year low of $90.56 and a one year high of $185.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. The firm’s 50 day moving average price is $122.43 and its 200-day moving average price is $150.68. The firm has a market cap of $6.57 billion, a P/E ratio of 33.59, a P/E/G ratio of 1.37 and a beta of 1.09.

Regal Rexnord (NYSE:RRX) last released its quarterly 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 predict that Regal Rexnord Co. will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 14th. Shareholders 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 dividend on an annualized basis and a yield of 1.41%. Regal Rexnord’s dividend payout ratio (DPR) is presently 47.46%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RRX. Oppenheimer dropped their price target on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Tuesday, April 8th. The Goldman Sachs Group lowered their price target on shares of Regal Rexnord from $183.00 to $163.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. KeyCorp cut their price objective on shares of Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Citigroup decreased their target price on shares of Regal Rexnord from $170.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $170.75.

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.