Massachusetts Financial Services Co. MA Trims Stock Position in Regal Rexnord Corporation $RRX

Massachusetts Financial Services Co. MA cut its holdings in Regal Rexnord Corporation (NYSE:RRX) by 0.4% during the second quarter, HoldingsChannel reports. The fund owned 2,871,308 shares of the company’s stock after selling 11,061 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Regal Rexnord were worth $416,225,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RRX. Diamond Hill Capital Management Inc. lifted its stake in shares of Regal Rexnord by 6.0% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 3,083,622 shares of the company’s stock valued at $351,070,000 after purchasing an additional 175,273 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Regal Rexnord by 30.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company’s stock valued at $194,955,000 after buying an additional 396,737 shares during the period. Nordea Investment Management AB acquired a new position in Regal Rexnord in the second quarter valued at about $224,889,000. The Manufacturers Life Insurance Company boosted its stake in Regal Rexnord by 6.1% during the first quarter. The Manufacturers Life Insurance Company now owns 1,200,555 shares of the company’s stock worth $136,683,000 after buying an additional 69,438 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Regal Rexnord during the first quarter valued at about $117,996,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Trading Down 0.1%

NYSE:RRX opened at $137.36 on Friday. The stock has a fifty day moving average price of $142.25 and a 200 day moving average price of $142.82. The company has a current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. Regal Rexnord Corporation has a 12-month low of $90.56 and a 12-month high of $182.70. The firm has a market cap of $9.12 billion, a PE ratio of 35.49, a price-to-earnings-growth ratio of 1.52 and a beta of 1.19.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Friday, September 8th. The company reported $2.76 earnings per share (EPS) for the quarter. Regal Rexnord had a return on equity of 9.75% and a net margin of 4.38%.The company had revenue of $1.85 billion for the quarter. Sell-side 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 declared a quarterly dividend, which will be paid on Wednesday, January 14th. Investors of record on Wednesday, December 31st will be paid a $0.35 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. Regal Rexnord’s payout ratio is currently 36.18%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RRX. Robert W. Baird set a $212.00 price objective on shares of Regal Rexnord in a report on Friday, October 31st. KeyCorp decreased their price target on Regal Rexnord from $180.00 to $170.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 14th. Wall Street Zen lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Sunday, September 21st. Zacks Research downgraded Regal Rexnord from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research note on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $184.63.

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.