Lazard Asset Management LLC Cuts Holdings in Regal Rexnord Corporation $RRX

Lazard Asset Management LLC cut its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 12.1% during the first quarter, Holdings Channel.com reports. The fund owned 46,331 shares of the company’s stock after selling 6,374 shares during the period. Lazard Asset Management LLC’s holdings in Regal Rexnord were worth $8,676,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Covestor Ltd lifted its holdings in 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 purchasing an additional 80 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Regal Rexnord by 135.1% in the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after buying an additional 127 shares in the last quarter. Garner Asset Management Corp acquired a new stake in Regal Rexnord in the 4th quarter valued at about $27,000. IFP Advisors Inc increased its holdings in shares of Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock valued at $27,000 after purchasing an additional 49 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of Regal Rexnord during the 3rd quarter worth $35,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. KeyCorp increased their price target on shares of Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Oppenheimer reissued an “outperform” rating on shares of Regal Rexnord in a research note on Friday, July 10th. Weiss Ratings restated a “hold (c)” rating on shares of Regal Rexnord in a research report on Friday, July 17th. Wall Street Zen cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Finally, Citigroup raised their target price on Regal Rexnord from $240.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $247.00.

Regal Rexnord Price Performance

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

Regal Rexnord (NYSE:RRX) last announced 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. The company had revenue of $1.48 billion during 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%.Regal Rexnord’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.15 EPS. Analysts forecast that Regal Rexnord Corporation will post 10.65 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

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

Insider Buying and Selling

In other Regal Rexnord news, CFO Robert Rehard sold 6,499 shares of the company’s stock in a transaction on 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 transaction, the chief financial officer owned 27,965 shares in the company, valued at $5,593,000. This represents a 18.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Louis V. Pinkham sold 22,509 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $211.68, for a total value of $4,764,705.12. Following the transaction, the chief executive officer directly owned 56,749 shares in the company, valued at approximately $12,012,628.32. The trade was a 28.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 30,305 shares of company stock worth $6,341,869 in the last ninety days. 0.63% of the stock is owned by corporate insiders.

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.