Nordea Investment Management AB Boosts Stake in Regal Rexnord Corporation $RRX

Nordea Investment Management AB grew its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 30.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,028,936 shares of the company’s stock after purchasing an additional 476,802 shares during the period. Nordea Investment Management AB owned about 3.06% of Regal Rexnord worth $289,083,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vontobel Holding Ltd. raised its stake in Regal Rexnord by 4.7% in the second quarter. Vontobel Holding Ltd. now owns 267,225 shares of the company’s stock valued at $38,737,000 after buying an additional 11,992 shares in the last quarter. Granite Investment Partners LLC acquired a new stake in Regal Rexnord during the 2nd quarter worth $1,309,000. Prudential Financial Inc. grew its holdings in shares of Regal Rexnord by 233.6% during the second quarter. Prudential Financial Inc. now owns 45,281 shares of the company’s stock worth $6,564,000 after purchasing an additional 31,709 shares during the last quarter. Stanley Capital Management LLC purchased a new position in shares of Regal Rexnord during the second quarter worth about $19,367,000. Finally, Legal & General Group Plc lifted its holdings in shares of Regal Rexnord by 2.8% in the 2nd quarter. Legal & General Group Plc now owns 112,789 shares of the company’s stock valued at $16,350,000 after purchasing an additional 3,096 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on RRX. Barclays reaffirmed an “overweight” rating and set a $165.00 price target on shares of Regal Rexnord in a research report on Monday, November 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Regal Rexnord from $200.00 to $190.00 and set an “overweight” rating on the stock in a research note on Friday, October 31st. The Goldman Sachs Group decreased their target price on shares of Regal Rexnord from $192.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, September 16th. KeyCorp decreased their price target on Regal Rexnord from $180.00 to $170.00 and set an “overweight” rating for the company in a report on Tuesday, October 14th. Finally, Zacks Research raised Regal Rexnord from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 30th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $179.63.

Insider Transactions at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 35,935 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $146.20, for a total value of $5,253,697.00. Following the transaction, the chief executive officer owned 103,262 shares in the company, valued at approximately $15,096,904.40. This represents a 25.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.82% of the company’s stock.

Regal Rexnord Trading Down 0.2%

Shares of RRX opened at $152.37 on Tuesday. The stock has a market cap of $10.12 billion, a PE ratio of 39.37, a P/E/G ratio of 1.41 and a beta of 1.12. Regal Rexnord Corporation has a 12 month low of $90.56 and a 12 month high of $167.77. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.05 and a quick ratio of 0.97. The stock’s 50-day moving average is $142.76 and its two-hundred day moving average is $145.27.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Friday, September 8th. The company reported $2.76 earnings per share (EPS) for the quarter. The company had revenue of $1.85 billion for the quarter. Regal Rexnord had a net margin of 4.38% and a return on equity of 9.64%. Equities analysts forecast that Regal Rexnord Corporation will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 14th. Shareholders of record on Wednesday, December 31st will be paid a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.9%. Regal Rexnord’s dividend payout ratio (DPR) is presently 36.18%.

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.