Principal Financial Group Inc. Has $27.74 Million Stake in Regal Rexnord Corporation $RRX

Principal Financial Group Inc. reduced its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 57.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 148,140 shares of the company’s stock after selling 199,019 shares during the quarter. Principal Financial Group Inc.’s holdings in Regal Rexnord were worth $27,741,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in Regal Rexnord by 97.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 260,853 shares of the company’s stock valued at $37,419,000 after purchasing an additional 128,468 shares during the last quarter. Easterly Investment Partners LLC increased its holdings in shares of Regal Rexnord by 719.4% in the fourth quarter. Easterly Investment Partners LLC now owns 75,354 shares of the company’s stock valued at $10,574,000 after purchasing an additional 66,158 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Regal Rexnord by 42.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,793 shares of the company’s stock valued at $3,619,000 after purchasing an additional 7,647 shares during the last quarter. Vontobel Holding Ltd. raised its position in shares of Regal Rexnord by 5.2% in the fourth quarter. Vontobel Holding Ltd. now owns 276,266 shares of the company’s stock valued at $38,766,000 after purchasing an additional 13,564 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Regal Rexnord by 42.6% in the fourth quarter. Victory Capital Management Inc. now owns 5,658,365 shares of the company’s stock valued at $793,983,000 after purchasing an additional 1,690,264 shares during the period. 99.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RRX has been the subject of several research analyst reports. DA Davidson assumed coverage on shares of Regal Rexnord in a report on Tuesday, June 16th. They set a “buy” rating and a $260.00 target price for the company. UBS Group set a $260.00 price target on shares of Regal Rexnord in a report on Monday, June 15th. Barclays raised their price objective on shares of Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday, March 23rd. Oppenheimer reaffirmed an “outperform” rating on shares of Regal Rexnord in a research report on Friday, July 10th. Finally, Citigroup increased their target price on Regal Rexnord from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Regal Rexnord presently has an average rating of “Moderate Buy” and a consensus target price of $243.45.

Regal Rexnord Stock Up 0.2%

NYSE RRX opened at $207.29 on Monday. The company has a current ratio of 2.17, a quick ratio of 1.08 and a debt-to-equity ratio of 0.69. Regal Rexnord Corporation has a 1-year low of $127.96 and a 1-year high of $247.80. The company has a 50 day moving average of $211.75 and a 200-day moving average of $197.65. The company has a market cap of $13.80 billion, a price-to-earnings ratio of 48.21, a PEG ratio of 1.94 and a beta of 1.08.

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

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th were issued 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 was Tuesday, June 30th. Regal Rexnord’s dividend payout ratio is 32.56%.

Insider Transactions at Regal Rexnord

In related news, CFO Robert Rehard sold 6,499 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer owned 27,965 shares in the company, valued at approximately $5,593,000. This trade represents a 18.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robin A. Walker-Lee sold 1,297 shares of the firm’s stock in a transaction on 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 transaction, the director owned 5,503 shares in the company, valued at $1,176,816.55. The trade was a 19.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 30,305 shares of company stock valued at $6,341,869. 0.63% of the stock is owned by corporate insiders.

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.