Norges Bank Makes New Investment in Regal Rexnord Corporation $RRX

Norges Bank bought a new stake in Regal Rexnord Corporation (NYSE:RRX) in the fourth quarter, Holdings Channel.com reports. The firm bought 864,459 shares of the company’s stock, valued at approximately $121,301,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Eurizon Capital SGR S.p.A. purchased a new stake in Regal Rexnord during the 4th quarter valued at about $386,000. Savant Capital LLC lifted its stake in Regal Rexnord by 5.0% in the 4th quarter. Savant Capital LLC now owns 2,563 shares of the company’s stock worth $360,000 after purchasing an additional 121 shares in the last quarter. Moors & Cabot Inc. lifted its stake in Regal Rexnord by 5.3% in the 4th quarter. Moors & Cabot Inc. now owns 4,040 shares of the company’s stock worth $567,000 after purchasing an additional 203 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of Regal Rexnord by 0.9% during the 4th quarter. Intech Investment Management LLC now owns 23,724 shares of the company’s stock worth $3,329,000 after purchasing an additional 200 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Regal Rexnord by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 1,231,262 shares of the company’s stock valued at $172,806,000 after purchasing an additional 55,797 shares in the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 22,509 shares of Regal Rexnord stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $211.68, for a total value of $4,764,705.12. Following the completion of the sale, the chief executive officer owned 56,749 shares in the company, valued at approximately $12,012,628.32. This trade represents a 28.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert Rehard sold 6,499 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $200.00, for a total value of $1,299,800.00. Following the completion of the sale, the chief financial officer directly owned 27,965 shares in the company, valued at approximately $5,593,000. The trade was a 18.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,305 shares of company stock worth $6,341,869 over the last three months. Insiders own 0.63% of the company’s stock.

Regal Rexnord Price Performance

RRX stock opened at $214.17 on Friday. Regal Rexnord Corporation has a 52-week low of $127.96 and a 52-week high of $236.35. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. The stock has a market cap of $14.26 billion, a price-to-earnings ratio of 49.81, a price-to-earnings-growth ratio of 2.03 and a beta of 1.11. The business has a fifty day moving average of $202.66 and a two-hundred day moving average of $181.50.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Thursday, May 7th. The company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The company’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.15 EPS. As a group, research analysts anticipate that Regal Rexnord Corporation will post 10.63 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, June 30th. Regal Rexnord’s dividend payout ratio (DPR) is 32.56%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Regal Rexnord in a report on Tuesday, April 21st. Robert W. Baird set a $253.00 target price on Regal Rexnord in a report on Friday, February 6th. JPMorgan Chase & Co. raised their target price on Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Wall Street Zen lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 28th. Finally, KeyCorp upped their price objective on shares of Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Six 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.com, the company has a consensus rating of “Moderate Buy” and an average price target of $232.25.

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.