Jennison Associates LLC Acquires 45,821 Shares of Regal Rexnord Corporation $RRX

Jennison Associates LLC grew its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 25.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 226,428 shares of the company’s stock after buying an additional 45,821 shares during the period. Jennison Associates LLC owned 0.34% of Regal Rexnord worth $32,823,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Oregon Public Employees Retirement Fund boosted its holdings in shares of Regal Rexnord by 0.7% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,549 shares of the company’s stock valued at $1,543,000 after buying an additional 100 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Regal Rexnord by 0.5% during the second quarter. Louisiana State Employees Retirement System now owns 18,700 shares of the company’s stock valued at $2,711,000 after acquiring an additional 100 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of Regal Rexnord by 3.6% during the first quarter. Cetera Investment Advisers now owns 2,920 shares of the company’s stock valued at $332,000 after acquiring an additional 102 shares in the last quarter. Greenleaf Trust increased its holdings in shares of Regal Rexnord by 2.1% during the first quarter. Greenleaf Trust now owns 5,187 shares of the company’s stock valued at $591,000 after acquiring an additional 105 shares in the last quarter. Finally, Xponance Inc. increased its holdings in shares of Regal Rexnord by 1.5% during the first quarter. Xponance Inc. now owns 7,866 shares of the company’s stock valued at $896,000 after acquiring an additional 120 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RRX shares. Barclays reduced their price target on Regal Rexnord from $163.00 to $161.00 and set an “overweight” rating for the company in a report on Tuesday, September 16th. KeyCorp reduced their price target on Regal Rexnord from $180.00 to $170.00 and set an “overweight” rating for the company in a report on Tuesday, October 14th. The Goldman Sachs Group reduced their price target on Regal Rexnord from $192.00 to $170.00 and set a “buy” rating for the company in a report on Tuesday, September 16th. Wall Street Zen downgraded Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Sunday, September 21st. Finally, JPMorgan Chase & Co. began coverage on Regal Rexnord in a research report on Monday, September 15th. They set an “overweight” rating and a $200.00 price objective on the stock. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $180.38.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $145.16 on Friday. Regal Rexnord Corporation has a fifty-two week low of $90.56 and a fifty-two week high of $185.28. The business has a 50-day simple moving average of $145.08 and a two-hundred day simple moving average of $139.88. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 2.00. The firm has a market cap of $9.63 billion, a price-to-earnings ratio of 37.51, a price-to-earnings-growth ratio of 1.52 and a beta of 1.16.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Friday, September 8th. The company reported $2.76 earnings per share for the quarter. Regal Rexnord had a return on equity of 9.75% and a net margin of 4.38%.The business had revenue of $1.85 billion during the quarter. On average, analysts expect that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 14th. Shareholders of record on Wednesday, December 31st will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, December 31st. Regal Rexnord’s dividend payout ratio (DPR) is presently 37.23%.

Regal Rexnord 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.