New York State Common Retirement Fund Has $22.24 Million Stock Holdings in Regal Rexnord Corporation $RRX

New York State Common Retirement Fund decreased its stake in Regal Rexnord Corporation (NYSE:RRX) by 8.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 155,045 shares of the company’s stock after selling 13,988 shares during the quarter. New York State Common Retirement Fund owned approximately 0.23% of Regal Rexnord worth $22,240,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of RRX. Norges Bank purchased a new stake in shares of Regal Rexnord during the second quarter worth $256,155,000. Nordea Investment Management AB acquired a new position in Regal Rexnord in the 2nd quarter worth about $224,889,000. Viking Global Investors LP increased its position in Regal Rexnord by 25.7% in the 2nd quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock worth $497,231,000 after purchasing an additional 701,145 shares during the last quarter. Invesco Ltd. raised its stake in shares of Regal Rexnord by 36.6% during the 2nd quarter. Invesco Ltd. now owns 1,274,266 shares of the company’s stock worth $184,718,000 after purchasing an additional 341,437 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Regal Rexnord by 69.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 797,036 shares of the company’s stock valued at $114,327,000 after buying an additional 326,723 shares during the last quarter. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on RRX. Robert W. Baird set a $212.00 price objective on Regal Rexnord in a report on Friday, October 31st. Citigroup boosted their target price on shares of Regal Rexnord from $175.00 to $180.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Barclays restated an “overweight” rating and set a $165.00 price target on shares of Regal Rexnord in a report on Monday, November 3rd. Jefferies Financial Group cut shares of Regal Rexnord from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $170.00 to $160.00 in a report on Wednesday, December 10th. Finally, KeyCorp increased their target price on shares of Regal Rexnord from $170.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $180.25.

Insider Activity at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 35,935 shares of the stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $146.20, for a total value of $5,253,697.00. Following the completion of the sale, the chief executive officer directly owned 103,262 shares of the company’s stock, valued at approximately $15,096,904.40. This represents a 25.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by company insiders.

Regal Rexnord Stock Performance

Shares of RRX opened at $161.46 on Friday. The company has a market capitalization of $10.72 billion, a PE ratio of 41.72, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.05 and a quick ratio of 0.97. Regal Rexnord Corporation has a one year low of $90.56 and a one year high of $163.38. The company’s fifty day moving average price is $149.17 and its 200 day moving average price is $146.09.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Thursday, October 30th. The company reported $2.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.56 by ($0.05). Regal Rexnord had a net margin of 4.38% and a return on equity of 9.64%. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the business posted $2.49 earnings per share. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, analysts expect that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. Regal Rexnord’s payout ratio is 36.18%.

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.