Jennison Associates LLC Has $41.51 Million Stock Position in Regal Rexnord Corporation $RRX

Jennison Associates LLC reduced its position in shares of Regal Rexnord Corporation (NYSE:RRX) by 21.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 295,785 shares of the company’s stock after selling 83,160 shares during the quarter. Jennison Associates LLC’s holdings in Regal Rexnord were worth $41,505,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RRX. Geneos Wealth Management Inc. raised its holdings in Regal Rexnord by 135.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after purchasing an additional 127 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Regal Rexnord during the 3rd quarter worth approximately $27,000. Root Financial Partners LLC acquired a new stake in shares of Regal Rexnord during the 3rd quarter worth approximately $28,000. SJS Investment Consulting Inc. grew its position in shares of Regal Rexnord by 95.1% during the 3rd quarter. SJS Investment Consulting Inc. now owns 199 shares of the company’s stock worth $29,000 after buying an additional 97 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in shares of Regal Rexnord during the 3rd quarter worth approximately $35,000. 99.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on RRX. Wall Street Zen cut shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research report on Tuesday, April 21st. KeyCorp lifted their price target on shares of Regal Rexnord from $200.00 to $255.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 10th. Robert W. Baird set a $253.00 price target on shares of Regal Rexnord in a research report on Friday, February 6th. Finally, Oppenheimer lifted their price target on shares of Regal Rexnord from $180.00 to $225.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Regal Rexnord has a consensus rating of “Moderate Buy” and an average target price of $229.75.

Insider Buying and Selling at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 36,728 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $215.52, for a total transaction of $7,915,618.56. Following the completion of the transaction, the chief executive officer directly owned 83,337 shares of the company’s stock, valued at $17,960,790.24. This trade represents a 30.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Cheryl Lewis sold 2,262 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $215.73, for a total transaction of $487,981.26. Following the transaction, the executive vice president directly owned 13,219 shares of the company’s stock, valued at $2,851,734.87. This represents a 14.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 53,451 shares of company stock valued at $11,386,689 over the last quarter. Insiders own 0.63% of the company’s stock.

Regal Rexnord Trading Down 1.1%

NYSE RRX opened at $212.71 on Friday. The firm has a market cap of $14.16 billion, a P/E ratio of 50.64, a P/E/G ratio of 2.00 and a beta of 1.15. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.15 and a quick ratio of 1.10. The stock’s 50-day moving average is $200.32 and its 200-day moving average is $170.57. Regal Rexnord Corporation has a one year low of $108.44 and a one year high of $229.30.

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

Regal Rexnord Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, June 30th. Regal Rexnord’s dividend payout ratio (DPR) is currently 33.33%.

Regal Rexnord Company Profile

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.