Peregrine Capital Management LLC Invests $8.56 Million in Regal Rexnord Corporation $RRX

Peregrine Capital Management LLC acquired a new stake in Regal Rexnord Corporation (NYSE:RRX) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 45,709 shares of the company’s stock, valued at approximately $8,559,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Covestor Ltd grew its holdings in Regal Rexnord by 81.6% in the 4th quarter. Covestor Ltd now owns 178 shares of the company’s stock valued at $25,000 after buying an additional 80 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of Regal Rexnord during the 3rd quarter valued at about $27,000. Garner Asset Management Corp purchased a new position in shares of Regal Rexnord during the 4th quarter worth about $27,000. IFP Advisors Inc boosted its position in shares of Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock worth $27,000 after acquiring an additional 49 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in Regal Rexnord by 135.1% in the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock valued at $25,000 after purchasing an additional 127 shares during the period. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Trading Up 8.3%

Shares of RRX stock opened at $238.12 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. Regal Rexnord Corporation has a fifty-two week low of $127.96 and a fifty-two week high of $239.00. The firm’s 50 day moving average price is $211.57 and its two-hundred day moving average price is $191.34. The stock has a market cap of $15.85 billion, a price-to-earnings ratio of 55.38, a price-to-earnings-growth ratio of 2.07 and a beta of 1.11.

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

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.6%. The ex-dividend date is Tuesday, June 30th. Regal Rexnord’s dividend payout ratio is currently 32.56%.

Insider Activity at Regal Rexnord

In other news, Director Robin A. Walker-Lee sold 1,297 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $213.85, for a total value of $277,363.45. Following the completion of the sale, the director owned 5,503 shares of the company’s stock, valued at $1,176,816.55. This represents a 19.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert Rehard sold 6,499 shares of the stock in a transaction dated Friday, May 22nd. The shares were 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 owned 27,965 shares of the company’s stock, valued at approximately $5,593,000. This trade represents a 18.86% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 30,305 shares of company stock worth $6,341,869. Corporate insiders own 0.63% of the company’s stock.

Wall Street Analyst Weigh In

RRX has been the topic of a number of research analyst reports. Barclays lifted their price target on shares of Regal Rexnord from $237.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, March 23rd. JPMorgan Chase & Co. upped their price objective on Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Wall Street Zen cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research report on Tuesday, April 21st. Finally, DA Davidson started coverage on Regal Rexnord in a research note on Tuesday, June 16th. They set a “buy” rating and a $260.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $237.80.

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.