First Trust Advisors LP Sells 9,679 Shares of Regal Rexnord Corporation $RRX

First Trust Advisors LP decreased its position in Regal Rexnord Corporation (NYSE:RRX) by 13.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,758 shares of the company’s stock after selling 9,679 shares during the quarter. First Trust Advisors LP’s holdings in Regal Rexnord were worth $11,752,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Covestor Ltd increased its stake in shares of Regal Rexnord by 81.6% during the fourth 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. Geneos Wealth Management Inc. boosted 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 acquiring an additional 127 shares in the last quarter. Garner Asset Management Corp purchased a new position in Regal Rexnord during the 4th quarter valued at $27,000. IFP Advisors Inc raised its holdings in Regal Rexnord by 34.0% in the 4th quarter. IFP Advisors Inc now owns 193 shares of the company’s stock worth $27,000 after purchasing an additional 49 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Regal Rexnord during the 3rd quarter valued at about $35,000. 99.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RRX. Wall Street Zen downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Deutsche Bank Aktiengesellschaft initiated coverage on Regal Rexnord in a report on Monday, July 20th. They set a “buy” rating and a $286.00 target price on the stock. Wolfe Research set a $250.00 target price on Regal Rexnord in a research note on Thursday, July 9th. Oppenheimer reiterated an “outperform” rating on shares of Regal Rexnord in a report on Friday, July 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Regal Rexnord in a report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $247.00.

Regal Rexnord Stock Performance

Shares of Regal Rexnord stock opened at $202.69 on Friday. The stock has a market cap of $13.49 billion, a price-to-earnings ratio of 47.14, a PEG ratio of 1.24 and a beta of 1.08. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.17 and a quick ratio of 1.08. Regal Rexnord Corporation has a 1 year low of $127.96 and a 1 year high of $247.80. The firm’s 50-day moving average is $213.09 and its 200 day moving average is $201.40.

Regal Rexnord (NYSE:RRX) last issued its earnings results 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 firm 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 firm posted $2.15 earnings per share. The business’s revenue was up 4.3% on a year-over-year basis. Sell-side analysts anticipate that Regal Rexnord Corporation will post 10.65 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.7%. The ex-dividend date is Wednesday, September 30th. Regal Rexnord’s dividend payout ratio (DPR) is currently 32.56%.

Insiders Place Their Bets

In related news, CFO Robert Rehard sold 6,499 shares of Regal Rexnord stock in a transaction dated 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 completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Louis V. Pinkham sold 22,509 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the transaction, the chief executive officer owned 56,749 shares in the company, valued at $12,012,628.32. This represents a 28.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 30,305 shares of company stock valued at $6,341,869. Corporate insiders own 0.63% of the company’s stock.

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.