Regal Rexnord Corporation $RRX Shares Sold by Roubaix Capital LLC

Roubaix Capital LLC cut its stake in Regal Rexnord Corporation (NYSE:RRX) by 11.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,739 shares of the company’s stock after selling 5,097 shares during the period. Regal Rexnord makes up approximately 3.3% of Roubaix Capital LLC’s investment portfolio, making the stock its 5th biggest position. Roubaix Capital LLC owned approximately 0.06% of Regal Rexnord worth $7,067,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Victory Capital Management Inc. raised its stake in shares of Regal Rexnord by 42.6% in the 4th quarter. Victory Capital Management Inc. now owns 5,658,365 shares of the company’s stock worth $793,983,000 after buying an additional 1,690,264 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Regal Rexnord by 115.5% during the first quarter. Bank of New York Mellon Corp now owns 1,836,264 shares of the company’s stock valued at $343,859,000 after buying an additional 984,185 shares in the last quarter. Bessemer Group Inc. increased its position in shares of Regal Rexnord by 4,155.4% in the first quarter. Bessemer Group Inc. now owns 916,054 shares of the company’s stock worth $171,541,000 after acquiring an additional 894,527 shares in the last quarter. Norges Bank acquired a new stake in shares of Regal Rexnord during the fourth quarter valued at approximately $121,301,000. Finally, Viking Global Investors LP raised its holdings in shares of Regal Rexnord by 25.7% during the second quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock valued at $497,231,000 after acquiring an additional 701,145 shares during the period. Institutional investors and hedge funds own 99.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RRX. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Regal Rexnord in a research note on Tuesday, April 21st. UBS Group set a $260.00 target price on shares of Regal Rexnord in a research note on Monday, June 15th. Citigroup increased their target price on Regal Rexnord from $240.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday. DA Davidson initiated coverage on Regal Rexnord in a research report on Tuesday, June 16th. They issued a “buy” rating and a $260.00 target price for the company. Finally, KeyCorp lifted their price target on Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Regal Rexnord presently has an average rating of “Moderate Buy” and an average price target of $243.45.

Regal Rexnord Stock Performance

RRX stock opened at $207.29 on Friday. The firm has a 50 day simple moving average of $211.75 and a 200 day simple moving average of $197.27. Regal Rexnord Corporation has a 52 week low of $127.96 and a 52 week high of $247.80. The stock has a market cap of $13.80 billion, a P/E ratio of 48.21, a P/E/G ratio of 1.94 and a beta of 1.08. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 2.17.

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, beating the consensus estimate of $2.11 by $0.06. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the business earned $2.15 EPS. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. Research analysts anticipate that Regal Rexnord Corporation will post 10.64 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

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

Insider Transactions at Regal Rexnord

In related news, CFO Robert Rehard sold 6,499 shares of Regal Rexnord stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the completion of the sale, the chief financial officer owned 27,965 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Also, CEO Louis V. Pinkham sold 22,509 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 56,749 shares in the company, valued at $12,012,628.32. This trade represents a 28.40% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 30,305 shares of company stock valued at $6,341,869. 0.63% of the stock is owned by insiders.

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.