Bessemer Group Inc. Raises Position in Regal Rexnord Corporation $RRX

Bessemer Group Inc. grew its holdings in shares of Regal Rexnord Corporation (NYSE:RRX) by 4,155.4% in the first quarter, HoldingsChannel.com reports. The fund owned 916,054 shares of the company’s stock after purchasing an additional 894,527 shares during the period. Bessemer Group Inc.’s holdings in Regal Rexnord were worth $171,541,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. AIA Group Ltd purchased a new stake in Regal Rexnord in the third quarter worth approximately $1,477,000. JPMorgan Chase & Co. boosted its position in Regal Rexnord by 97.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 260,853 shares of the company’s stock valued at $37,419,000 after buying an additional 128,468 shares during the period. Easterly Investment Partners LLC grew its stake in shares of Regal Rexnord by 719.4% in the fourth quarter. Easterly Investment Partners LLC now owns 75,354 shares of the company’s stock worth $10,574,000 after purchasing an additional 66,158 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Regal Rexnord by 42.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,793 shares of the company’s stock worth $3,619,000 after buying an additional 7,647 shares during the last quarter. Finally, Vontobel Holding Ltd. increased its position in Regal Rexnord by 5.2% during the 4th quarter. Vontobel Holding Ltd. now owns 276,266 shares of the company’s stock valued at $38,766,000 after purchasing an additional 13,564 shares during the period. 99.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. upped 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. Wolfe Research set a $250.00 price objective on shares of Regal Rexnord in a research note on Thursday, July 9th. Barclays lifted their target price on Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, March 23rd. DA Davidson assumed coverage on shares of Regal Rexnord in a report on Tuesday, June 16th. They set a “buy” rating and a $260.00 price objective for the company. Finally, UBS Group set a $260.00 price objective on Regal Rexnord in a research report on Monday, June 15th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $243.45.

Regal Rexnord Stock Down 0.6%

Shares of RRX stock opened at $212.04 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.17 and a quick ratio of 1.08. The company’s fifty day moving average price is $211.91 and its 200-day moving average price is $197.20. The company has a market capitalization of $14.12 billion, a price-to-earnings ratio of 49.31, a PEG ratio of 2.00 and a beta of 1.08. Regal Rexnord Corporation has a one year low of $127.96 and a one year high of $247.80.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data 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. 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 analyst estimates of $1.43 billion. During the same quarter in the prior year, the company posted $2.15 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. Sell-side 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 was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Tuesday, June 30th. Regal Rexnord’s payout ratio is currently 32.56%.

Insider Buying and Selling

In other Regal Rexnord news, CFO Robert Rehard sold 6,499 shares of the 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 completion of the transaction, the chief financial officer owned 27,965 shares in the company, valued at $5,593,000. This trade represents a 18.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robin A. Walker-Lee sold 1,297 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $213.85, for a total transaction of $277,363.45. Following the sale, the director owned 5,503 shares in the company, valued at $1,176,816.55. This represents a 19.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 30,305 shares of company stock worth $6,341,869. Corporate insiders own 0.63% of the company’s stock.

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.