JPMorgan Chase & Co. Acquires 128,468 Shares of Regal Rexnord Corporation $RRX

JPMorgan Chase & Co. boosted its holdings in Regal Rexnord Corporation (NYSE:RRX) by 97.0% during the third quarter, Holdings Channel reports. The fund owned 260,853 shares of the company’s stock after purchasing an additional 128,468 shares during the period. JPMorgan Chase & Co.’s holdings in Regal Rexnord were worth $37,419,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Geneos Wealth Management Inc. lifted its stake in shares of Regal Rexnord by 135.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after buying an additional 127 shares during the last quarter. Allworth Financial LP raised its holdings in Regal Rexnord by 85.7% in the 2nd quarter. Allworth Financial LP now owns 195 shares of the company’s stock valued at $28,000 after acquiring an additional 90 shares during the period. Root Financial Partners LLC acquired a new stake in Regal Rexnord during the third quarter worth approximately $28,000. SJS Investment Consulting Inc. lifted its position in Regal Rexnord by 95.1% during the third quarter. SJS Investment Consulting Inc. now owns 199 shares of the company’s stock worth $29,000 after acquiring an additional 97 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Regal Rexnord by 216.3% during the third quarter. Farther Finance Advisors LLC now owns 272 shares of the company’s stock worth $39,000 after acquiring an additional 186 shares during the period. 99.72% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Regal Rexnord news, CEO Louis V. Pinkham sold 36,728 shares of the business’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $215.52, for a total transaction of $7,915,618.56. Following the completion of the transaction, the chief executive officer owned 83,337 shares of the company’s stock, valued at approximately $17,960,790.24. The trade was a 30.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert Rehard sold 7,704 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $216.72, for a total transaction of $1,669,610.88. Following the completion of the sale, the chief financial officer owned 34,154 shares in the company, valued at approximately $7,401,854.88. The trade was a 18.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 53,451 shares of company stock worth $11,386,689 over the last 90 days. Corporate insiders own 0.82% of the company’s stock.

Regal Rexnord Trading Up 0.0%

RRX opened at $220.86 on Friday. The stock has a market capitalization of $14.69 billion, a price-to-earnings ratio of 52.59, a P/E/G ratio of 2.05 and a beta of 1.13. The company has a quick ratio of 1.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.70. Regal Rexnord Corporation has a twelve month low of $90.56 and a twelve month high of $229.30. The company has a 50-day simple moving average of $175.47 and a 200 day simple moving average of $154.64.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Thursday, February 5th. The company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.34 EPS. Analysts predict that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

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 paid a $0.35 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 0.6%. Regal Rexnord’s dividend payout ratio (DPR) is presently 33.33%.

Analysts Set New Price Targets

Several research firms recently weighed in on RRX. Robert W. Baird set a $253.00 price target on Regal Rexnord in a report on Friday, February 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Regal Rexnord in a research report on Thursday, January 22nd. JPMorgan Chase & Co. boosted their target price on shares of Regal Rexnord from $190.00 to $230.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Barclays raised their price target on shares of Regal Rexnord from $165.00 to $237.00 and gave the stock an “overweight” rating in a research report on Monday, February 9th. Finally, KeyCorp boosted their price objective on shares of Regal Rexnord from $200.00 to $255.00 and gave the company an “overweight” rating in a report on Tuesday, February 10th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $227.50.

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.