TimesSquare Capital Management LLC Trims Stake in Regal Rexnord Corporation $RRX

TimesSquare Capital Management LLC reduced its holdings in Regal Rexnord Corporation (NYSE:RRX) by 15.6% during the third quarter, Holdings Channel.com reports. The fund owned 719,093 shares of the company’s stock after selling 132,716 shares during the quarter. Regal Rexnord accounts for 1.5% of TimesSquare Capital Management LLC’s investment portfolio, making the stock its 14th largest holding. TimesSquare Capital Management LLC’s holdings in Regal Rexnord were worth $103,147,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Viking Global Investors LP grew 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 worth $497,231,000 after purchasing an additional 701,145 shares in the last quarter. Nordea Investment Management AB lifted its position in Regal Rexnord by 30.7% during the third quarter. Nordea Investment Management AB now owns 2,028,936 shares of the company’s stock valued at $289,083,000 after purchasing an additional 476,802 shares during the last quarter. Norges Bank purchased a new position in Regal Rexnord in the 2nd quarter worth approximately $256,155,000. Invesco Ltd. increased its holdings in shares of Regal Rexnord by 36.6% in the 2nd quarter. Invesco Ltd. now owns 1,274,266 shares of the company’s stock worth $184,718,000 after buying an additional 341,437 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Regal Rexnord by 0.4% in the 2nd quarter. Alliancebernstein L.P. now owns 812,164 shares of the company’s stock worth $117,731,000 after buying an additional 3,574 shares during the last quarter. Institutional investors own 99.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RRX. KeyCorp upped their target price on shares of Regal Rexnord from $200.00 to $255.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 10th. Citigroup upped their price objective on Regal Rexnord from $180.00 to $230.00 and gave the stock a “buy” rating in a report on Monday, February 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a report on Thursday, January 22nd. Jefferies Financial Group downgraded Regal Rexnord from a “buy” rating to a “hold” rating and dropped their target price for the stock from $170.00 to $160.00 in a research report on Wednesday, December 10th. Finally, Robert W. Baird set a $253.00 price target on shares of Regal Rexnord in a research note on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Regal Rexnord currently has a consensus rating of “Moderate Buy” and a consensus price target of $227.50.

Insider Activity at Regal Rexnord

In other news, CFO Robert Rehard sold 7,704 shares of Regal Rexnord stock in a transaction dated 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 sale, the chief financial officer owned 34,154 shares of the company’s stock, valued at approximately $7,401,854.88. The trade was a 18.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Cheryl Lewis sold 2,262 shares of Regal Rexnord stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $215.73, for a total value of $487,981.26. Following the sale, the executive vice president directly owned 13,219 shares in the company, valued at approximately $2,851,734.87. The trade was a 14.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 87,129 shares of company stock valued at $16,136,908 in the last 90 days. 0.82% of the stock is owned by company insiders.

Regal Rexnord Price Performance

RRX opened at $220.42 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.15 and a quick ratio of 1.10. Regal Rexnord Corporation has a 1 year low of $90.56 and a 1 year high of $229.30. The stock’s 50 day simple moving average is $160.97 and its 200 day simple moving average is $149.58. The firm has a market cap of $14.63 billion, a price-to-earnings ratio of 52.48, a PEG ratio of 2.05 and a beta of 1.13.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Thursday, February 5th. The company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Regal Rexnord had a return on equity of 9.60% and a net margin of 4.71%.The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the firm posted $2.34 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, analysts predict that Regal Rexnord Corporation will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 31st will be issued a $0.35 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 0.6%. Regal Rexnord’s payout ratio is 33.33%.

Regal Rexnord Company Profile

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.