Handelsbanken Fonder AB Buys 3,500 Shares of Regal Rexnord Co. (NYSE:RRX)

Handelsbanken Fonder AB grew its stake in Regal Rexnord Co. (NYSE:RRX) by 22.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,114 shares of the company’s stock after purchasing an additional 3,500 shares during the period. Handelsbanken Fonder AB’s holdings in Regal Rexnord were worth $2,965,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in RRX. State Street Corp lifted its stake in Regal Rexnord by 1.3% in the 3rd quarter. State Street Corp now owns 1,972,866 shares of the company’s stock valued at $327,944,000 after purchasing an additional 24,860 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Regal Rexnord by 6.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,289,917 shares of the company’s stock valued at $213,971,000 after acquiring an additional 83,823 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Regal Rexnord by 7.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company’s stock valued at $204,254,000 after acquiring an additional 77,215 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Regal Rexnord by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,137,746 shares of the company’s stock worth $188,729,000 after acquiring an additional 12,301 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Regal Rexnord by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company’s stock worth $183,195,000 after acquiring an additional 9,338 shares during the last quarter. 99.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on RRX shares. Oppenheimer cut their price target on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Jefferies Financial Group initiated coverage on shares of Regal Rexnord in a report on Thursday, December 12th. They set a “buy” rating and a $215.00 target price on the stock. Citigroup dropped their price target on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. StockNews.com cut shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 16th. Finally, Robert W. Baird lowered their target price on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $197.75.

Regal Rexnord Price Performance

RRX stock opened at $133.39 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87. The company’s fifty day simple moving average is $152.22 and its 200 day simple moving average is $161.60. Regal Rexnord Co. has a 12-month low of $130.94 and a 12-month high of $185.28. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of 45.22, a PEG ratio of 1.37 and a beta of 1.03.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Wednesday, February 5th. The company reported $2.34 EPS for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. On average, analysts expect that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be paid a $0.35 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.05%. Regal Rexnord’s dividend payout ratio is currently 47.46%.

About Regal Rexnord

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.