Regal Rexnord Corporation $RRX Shares Sold by Comerica Bank

Comerica Bank decreased its stake in Regal Rexnord Corporation (NYSE:RRX) by 76.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 58,778 shares of the company’s stock after selling 194,310 shares during the period. Comerica Bank’s holdings in Regal Rexnord were worth $8,248,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of RRX. Victory Capital Management Inc. boosted its holdings in shares of Regal Rexnord by 138.4% in the 3rd quarter. Victory Capital Management Inc. now owns 3,968,101 shares of the company’s stock valued at $566,981,000 after buying an additional 2,303,373 shares in the last quarter. Viking Global Investors LP raised its position in Regal Rexnord by 25.7% in the 2nd quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock valued at $497,231,000 after purchasing an additional 701,145 shares during the last quarter. Nordea Investment Management AB raised its position in Regal Rexnord by 30.7% in the 3rd quarter. Nordea Investment Management AB now owns 2,028,936 shares of the company’s stock valued at $289,083,000 after purchasing an additional 476,802 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in Regal Rexnord in the 3rd quarter valued at $57,807,000. Finally, Westfield Capital Management Co. LP raised its position in Regal Rexnord by 40.4% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,221,730 shares of the company’s stock valued at $175,245,000 after purchasing an additional 351,599 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Stock Down 2.6%

Shares of NYSE:RRX opened at $204.08 on Thursday. Regal Rexnord Corporation has a fifty-two week low of $102.23 and a fifty-two week high of $229.30. The company has a quick ratio of 1.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.70. The firm’s 50-day simple moving average is $200.28 and its 200-day simple moving average is $170.26. The company has a market cap of $13.58 billion, a price-to-earnings ratio of 48.59, a PEG ratio of 1.98 and a beta of 1.11.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Thursday, February 5th. The company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the business posted $2.34 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts predict that Regal Rexnord Corporation will post 10.76 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, June 30th. Regal Rexnord’s payout ratio is 33.33%.

Analyst Upgrades and Downgrades

RRX has been the subject of several research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research report on Tuesday, April 21st. KeyCorp upped their price target on shares of Regal Rexnord from $200.00 to $255.00 and gave the company an “overweight” rating in a research report on Tuesday, February 10th. The Goldman Sachs Group upped their price target on shares of Regal Rexnord from $170.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Wall Street Zen downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Finally, Oppenheimer upped their price target on shares of Regal Rexnord from $180.00 to $225.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $229.75.

Insider Activity

In other news, CFO Robert Rehard sold 7,704 shares of the business’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $216.72, for a total transaction of $1,669,610.88. Following the transaction, the chief financial officer directly owned 34,154 shares in the company, valued at $7,401,854.88. The trade was a 18.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Louis V. Pinkham sold 36,728 shares of the business’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $215.52, for a total transaction of $7,915,618.56. Following the transaction, the chief executive officer owned 83,337 shares in the company, valued at approximately $17,960,790.24. This trade represents a 30.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 53,451 shares of company stock valued at $11,386,689. 0.63% of the stock is owned by insiders.

About Regal Rexnord

Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company’s operations are organized into multiple business segments that address distinct customer needs.