Regal Rexnord Corporation $RRX Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its position in shares of Regal Rexnord Corporation (NYSE:RRX) by 12.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 1,096,239 shares of the company’s stock after selling 154,856 shares during the period. The Manufacturers Life Insurance Company’s holdings in Regal Rexnord were worth $205,282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Easterly Investment Partners LLC increased its stake in shares of Regal Rexnord by 719.4% in the 4th 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Regal Rexnord by 42.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,793 shares of the company’s stock worth $3,619,000 after purchasing an additional 7,647 shares in the last quarter. Vontobel Holding Ltd. boosted its position in Regal Rexnord by 5.2% during the fourth quarter. Vontobel Holding Ltd. now owns 276,266 shares of the company’s stock worth $38,766,000 after purchasing an additional 13,564 shares in the last quarter. Victory Capital Management Inc. grew its holdings in 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. Finally, Handelsbanken Fonder AB grew its holdings in Regal Rexnord by 67.4% in the fourth quarter. Handelsbanken Fonder AB now owns 250,735 shares of the company’s stock valued at $35,183,000 after purchasing an additional 100,916 shares during the period. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Regal Rexnord

In other Regal Rexnord news, 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 transaction, the director owned 5,503 shares in the company, valued at approximately $1,176,816.55. This trade represents a 19.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Robert Rehard sold 6,499 shares of Regal Rexnord stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the sale, the chief financial officer directly owned 27,965 shares in the company, 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 90 days, insiders have sold 30,305 shares of company stock worth $6,341,869. Corporate insiders own 0.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RRX. Citigroup upped 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. Oppenheimer reissued an “outperform” rating on shares of Regal Rexnord in a research note on Friday, July 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a report on Friday, July 17th. JPMorgan Chase & Co. upped their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Finally, KeyCorp increased their price objective on shares of Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Eight investment 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, Regal Rexnord currently has a consensus rating of “Moderate Buy” and an average price target of $247.00.

Regal Rexnord Price Performance

NYSE:RRX opened at $202.94 on Wednesday. The stock has a 50 day moving average of $213.13 and a two-hundred day moving average of $200.81. Regal Rexnord Corporation has a 12 month low of $127.96 and a 12 month high of $247.80. The firm has a market cap of $13.51 billion, a P/E ratio of 47.20, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08. 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 (NYSE:RRX) last released its earnings results on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.06. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.15 earnings per share. On average, 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 disclosed 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 annualized dividend 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%.

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.