Ameriprise Financial Inc. Reduces Position in Regal Rexnord Co. (NYSE:RRX)

Ameriprise Financial Inc. reduced its holdings in Regal Rexnord Co. (NYSE:RRX) by 9.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 346,029 shares of the company’s stock after selling 37,104 shares during the period. Ameriprise Financial Inc.’s holdings in Regal Rexnord were worth $53,681,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Alyeska Investment Group L.P. boosted its holdings in shares of Regal Rexnord by 425.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company’s stock worth $62,060,000 after purchasing an additional 323,904 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its position in Regal Rexnord by 23.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 63,241 shares of the company’s stock worth $9,811,000 after buying an additional 12,000 shares in the last quarter. Freestone Grove Partners LP acquired a new position in Regal Rexnord during the fourth quarter worth $9,570,000. Comerica Bank grew its holdings in Regal Rexnord by 9.7% in the 4th quarter. Comerica Bank now owns 192,841 shares of the company’s stock valued at $29,915,000 after buying an additional 17,013 shares in the last quarter. Finally, Paloma Partners Management Co increased its stake in shares of Regal Rexnord by 2,604.5% in the 4th quarter. Paloma Partners Management Co now owns 40,000 shares of the company’s stock worth $6,205,000 after acquiring an additional 38,521 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. KeyCorp dropped their price objective on shares of Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Oppenheimer cut their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a report on Friday, February 7th. The Goldman Sachs Group reduced their target price on Regal Rexnord from $183.00 to $163.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Robert W. Baird increased their price target on Regal Rexnord from $167.00 to $172.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Barclays reduced their price objective on shares of Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating on the stock in a report on Wednesday, March 26th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $170.63.

Regal Rexnord Stock Performance

Shares of Regal Rexnord stock opened at $134.24 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25. The stock has a market capitalization of $8.90 billion, a price-to-earnings ratio of 45.51, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The business has a 50-day moving average of $111.89 and a 200 day moving average of $142.36. Regal Rexnord Co. has a 12 month low of $90.56 and a 12 month high of $185.28.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.33. Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the business posted $2.00 earnings per share. The business’s quarterly revenue was down 8.4% compared to the same quarter last year. As a group, sell-side analysts forecast 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, July 14th. Stockholders of record on Monday, June 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Monday, June 30th. Regal Rexnord’s dividend payout ratio is currently 39.89%.

Regal Rexnord 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.