Granite Investment Partners LLC Has $14.33 Million Stake in Regal Rexnord Corporation $RRX

Granite Investment Partners LLC grew its position in Regal Rexnord Corporation (NYSE:RRX) by 17.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 76,538 shares of the company’s stock after purchasing an additional 11,345 shares during the quarter. Regal Rexnord makes up about 0.9% of Granite Investment Partners LLC’s portfolio, making the stock its 27th largest position. Granite Investment Partners LLC’s holdings in Regal Rexnord were worth $14,333,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of RRX. AIGH Capital Management LLC acquired a new position in Regal Rexnord in the first quarter valued at $14,045,000. Oregon Public Employees Retirement Fund grew its holdings in Regal Rexnord by 2.7% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,612 shares of the company’s stock worth $2,549,000 after acquiring an additional 363 shares during the period. Integrated Advisors Network LLC acquired a new stake in Regal Rexnord during the 1st quarter worth about $257,000. Greatmark Investment Partners Inc. bought a new position in shares of Regal Rexnord in the 1st quarter worth about $225,000. Finally, HB Wealth Management LLC bought a new position in shares of Regal Rexnord in the 1st quarter worth about $211,000. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CFO Robert Rehard sold 6,499 shares of Regal Rexnord stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the transaction, the chief financial officer directly owned 27,965 shares of the company’s stock, valued at $5,593,000. The trade was a 18.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Louis V. Pinkham sold 22,509 shares of the company’s stock in a transaction on 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 completion of the sale, the chief executive officer owned 56,749 shares of the company’s stock, valued at approximately $12,012,628.32. The trade was a 28.40% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 30,305 shares of company stock valued at $6,341,869. 0.63% of the stock is owned by insiders.

Analysts Set New Price Targets

RRX has been the topic of several research analyst reports. KeyCorp upped their target price on Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their target price on Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. UBS Group set a $260.00 price target on Regal Rexnord in a research note on Monday, June 15th. Weiss Ratings restated a “hold (c)” rating on shares of Regal Rexnord in a report on Tuesday, April 21st. Finally, Citigroup raised their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $237.80.

Regal Rexnord Price Performance

RRX stock opened at $208.45 on Thursday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 2.17. The business has a 50-day simple moving average of $212.30 and a two-hundred day simple moving average of $194.34. The company has a market capitalization of $13.88 billion, a P/E ratio of 48.48, a price-to-earnings-growth ratio of 1.99 and a beta of 1.08. Regal Rexnord Corporation has a 52-week low of $127.96 and a 52-week high of $247.80.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Thursday, May 7th. The company reported $2.17 EPS for the quarter, topping the consensus estimate of $2.11 by $0.06. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the prior year, the business posted $2.15 earnings per share. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. Research analysts expect that Regal Rexnord Corporation will post 10.64 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

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

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.