Point72 Asia Singapore Pte. Ltd. Purchases New Holdings in Regal Rexnord Co. (NYSE:RRX)

Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Regal Rexnord Co. (NYSE:RRX) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,537 shares of the company’s stock, valued at approximately $255,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. bought a new position in shares of Regal Rexnord in the second quarter worth $1,173,000. PNC Financial Services Group Inc. increased its holdings in Regal Rexnord by 29.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock valued at $2,042,000 after buying an additional 2,783 shares during the period. Natixis Advisors LLC raised its position in shares of Regal Rexnord by 15.3% in the 3rd quarter. Natixis Advisors LLC now owns 86,933 shares of the company’s stock valued at $14,420,000 after buying an additional 11,568 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Regal Rexnord by 31.4% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,686 shares of the company’s stock worth $2,662,000 after acquiring an additional 4,701 shares during the period. Finally, Texas Permanent School Fund Corp boosted its position in shares of Regal Rexnord by 7.0% during the 2nd quarter. Texas Permanent School Fund Corp now owns 62,101 shares of the company’s stock worth $8,397,000 after acquiring an additional 4,076 shares in the last quarter. 99.72% of the stock is owned by institutional investors and hedge funds.

Regal Rexnord Stock Up 0.2 %

Shares of NYSE RRX opened at $174.92 on Wednesday. The company has a 50 day simple moving average of $171.10 and a 200 day simple moving average of $157.79. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35. Regal Rexnord Co. has a 1 year low of $122.49 and a 1 year high of $185.28. The firm has a market cap of $11.58 billion, a PE ratio of 55.18, a price-to-earnings-growth ratio of 1.89 and a beta of 1.03.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.01. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the firm earned $2.10 earnings per share. The company’s revenue for the quarter was down 10.4% on a year-over-year basis. On average, research analysts forecast that Regal Rexnord Co. will post 9.25 EPS for the current year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a $0.35 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.80%. Regal Rexnord’s dividend payout ratio (DPR) is presently 44.16%.

Insider Activity

In related news, CEO Louis V. Pinkham sold 8,774 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $180.03, for a total value of $1,579,583.22. Following the sale, the chief executive officer now directly owns 149,618 shares in the company, valued at $26,935,728.54. This represents a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on RRX. Loop Capital restated a “buy” rating and set a $200.00 target price on shares of Regal Rexnord in a research note on Thursday, September 19th. Robert W. Baird dropped their price objective on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Barclays raised their price objective on Regal Rexnord from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Finally, Citigroup initiated coverage on shares of Regal Rexnord in a research note on Monday, October 14th. They issued a “buy” rating and a $200.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $193.00.

Regal Rexnord Company Profile

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.