Bank of New York Mellon Corp Sells 25,981 Shares of Regal Rexnord Corporation $RRX

Bank of New York Mellon Corp reduced its position in shares of Regal Rexnord Corporation (NYSE:RRX) by 5.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 470,313 shares of the company’s stock after selling 25,981 shares during the quarter. Bank of New York Mellon Corp’s holdings in Regal Rexnord were worth $68,177,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Geneos Wealth Management Inc. raised its stake in shares of Regal Rexnord by 135.1% during the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after buying an additional 127 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Regal Rexnord by 91.6% during the 1st quarter. Jones Financial Companies Lllp now owns 617 shares of the company’s stock valued at $70,000 after acquiring an additional 295 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Regal Rexnord in the 1st quarter valued at $81,000. Signaturefd LLC grew its stake in shares of Regal Rexnord by 25.5% during the first quarter. Signaturefd LLC now owns 911 shares of the company’s stock worth $104,000 after purchasing an additional 185 shares during the period. Finally, CWM LLC grew its stake in shares of Regal Rexnord by 18.1% during the first quarter. CWM LLC now owns 1,011 shares of the company’s stock worth $115,000 after purchasing an additional 155 shares during the period. Institutional investors own 99.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on RRX shares. Barclays reissued an “overweight” rating and issued a $165.00 target price on shares of Regal Rexnord in a research note on Monday, November 3rd. Zacks Research downgraded shares of Regal Rexnord from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. reduced their price objective on shares of Regal Rexnord from $200.00 to $190.00 and set an “overweight” rating on the stock in a research note on Friday, October 31st. The Goldman Sachs Group lowered their target price on shares of Regal Rexnord from $192.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, September 16th. Finally, Robert W. Baird set a $212.00 target price on shares of Regal Rexnord in a report on Friday, October 31st. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $184.63.

Regal Rexnord Price Performance

NYSE RRX opened at $136.04 on Monday. 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 stock has a market cap of $9.03 billion, a price-to-earnings ratio of 35.15, a PEG ratio of 1.52 and a beta of 1.19. The business has a 50 day simple moving average of $143.26 and a 200 day simple moving average of $142.04. Regal Rexnord Corporation has a 52-week low of $90.56 and a 52-week high of $182.70.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Friday, September 8th. The company reported $2.76 earnings per share for the quarter. Regal Rexnord had a net margin of 4.38% and a return on equity of 9.75%. The company had revenue of $1.85 billion during the quarter. Analysts anticipate that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal 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 issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Wednesday, December 31st. Regal Rexnord’s dividend payout ratio is 36.18%.

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.