81,968 Shares in Regal Rexnord Corporation $RRX Purchased by Levin Capital Strategies L.P.

Levin Capital Strategies L.P. bought a new position in Regal Rexnord Corporation (NYSE:RRX) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 81,968 shares of the company’s stock, valued at approximately $15,349,000. Regal Rexnord accounts for approximately 1.2% of Levin Capital Strategies L.P.’s investment portfolio, making the stock its 27th biggest holding. Levin Capital Strategies L.P. owned approximately 0.12% of Regal Rexnord as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in the stock. AQR Capital Management LLC increased its position in shares of Regal Rexnord by 208.1% during the first quarter. AQR Capital Management LLC now owns 17,747 shares of the company’s stock valued at $2,011,000 after buying an additional 11,987 shares during the period. Jones Financial Companies Lllp grew its stake in Regal Rexnord by 91.6% during the first quarter. Jones Financial Companies Lllp now owns 617 shares of the company’s stock valued at $70,000 after acquiring an additional 295 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in Regal Rexnord by 135.1% during the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock valued at $25,000 after acquiring an additional 127 shares in the last quarter. Cetera Investment Advisers increased its holdings in Regal Rexnord by 6.7% during the 2nd quarter. Cetera Investment Advisers now owns 3,116 shares of the company’s stock worth $452,000 after acquiring an additional 196 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Regal Rexnord during the 2nd quarter worth approximately $4,759,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research note on Friday, July 17th. JPMorgan Chase & Co. boosted their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Wall Street Zen downgraded Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. UBS Group set a $260.00 price objective on Regal Rexnord in a research note on Monday, June 15th. Finally, DA Davidson initiated coverage on Regal Rexnord in a research report on Tuesday, June 16th. They set a “buy” rating and a $260.00 target price for the company. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $247.00.

Insider Activity at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 22,509 shares of Regal Rexnord stock in a transaction on Monday, May 11th. The shares were sold at an average price of $211.68, for a total value of $4,764,705.12. Following the transaction, the chief executive officer owned 56,749 shares in the company, valued at $12,012,628.32. This trade represents a 28.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Rehard sold 6,499 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $200.00, for a total value of $1,299,800.00. Following the completion of the sale, the chief financial officer directly owned 27,965 shares in the company, valued at $5,593,000. The trade was a 18.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,305 shares of company stock valued at $6,341,869 over the last 90 days. 0.63% of the stock is owned by insiders.

Regal Rexnord Trading Up 0.8%

Shares of Regal Rexnord stock opened at $215.02 on Thursday. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.17 and a quick ratio of 1.08. Regal Rexnord Corporation has a 1 year low of $127.96 and a 1 year high of $247.80. The firm has a market cap of $14.31 billion, a PE ratio of 50.01, a PEG ratio of 2.00 and a beta of 1.08. The company has a 50 day simple moving average of $211.89 and a two-hundred day simple moving average of $199.13.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Thursday, May 7th. The company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.15 EPS. Analysts expect that Regal Rexnord Corporation will post 10.64 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Wednesday, September 30th. Regal Rexnord’s dividend payout ratio is currently 32.56%.

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.