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

The Manufacturers Life Insurance Company cut its holdings in Regal Rexnord Corporation (NYSE:RRX) by 12.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,096,239 shares of the company’s stock after selling 154,856 shares during the quarter. The Manufacturers Life Insurance Company owned about 1.65% of Regal Rexnord worth $205,282,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Covestor Ltd grew 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 worth $25,000 after acquiring an additional 80 shares during the last quarter. Garner Asset Management Corp purchased a new position in shares of Regal Rexnord in the 4th quarter valued at approximately $27,000. IFP Advisors Inc raised its position in shares of Regal Rexnord by 34.0% in the 4th 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. Geneos Wealth Management Inc. boosted its stake in Regal Rexnord by 135.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after purchasing an additional 127 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Regal Rexnord in the 3rd quarter worth approximately $35,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Wall Street Analyst Weigh In

RRX has been the topic of a number of recent analyst reports. KeyCorp upped 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. DA Davidson started coverage on shares of Regal Rexnord in a research note on Tuesday, June 16th. They set a “buy” rating and a $260.00 price objective for the company. UBS Group set a $260.00 price objective on shares of Regal Rexnord in a report on Monday, June 15th. Wolfe Research set a $250.00 target price on Regal Rexnord in a research report on Thursday, July 9th. Finally, Wall Street Zen downgraded Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. 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.com, Regal Rexnord currently has an average rating of “Moderate Buy” and an average price target of $247.00.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the sale, the chief executive officer directly owned 56,749 shares of the company’s stock, valued at approximately $12,012,628.32. This trade represents a 28.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robin A. Walker-Lee sold 1,297 shares of Regal Rexnord stock in a transaction dated Monday, May 11th. The shares were 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 of the company’s stock, valued at $1,176,816.55. The trade was a 19.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 30,305 shares of company stock worth $6,341,869 over the last three months. Company insiders own 0.63% of the company’s stock.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $202.94 on Wednesday. Regal Rexnord Corporation has a twelve month low of $127.96 and a twelve month high of $247.80. The company’s 50 day moving average is $213.13 and its 200 day moving average is $200.81. The company has a current ratio of 2.17, a quick ratio of 1.08 and a debt-to-equity ratio of 0.69. The company has a market cap of $13.51 billion, a PE ratio of 47.20, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08.

Regal Rexnord (NYSE:RRX) last posted 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. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same period last year, the firm posted $2.15 EPS. Regal Rexnord’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, sell-side analysts forecast that Regal Rexnord Corporation will post 10.64 EPS for the current year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend 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%.

Regal Rexnord 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.