Jennison Associates LLC Purchases 67,333 Shares of Regal Rexnord Corporation $RRX

Jennison Associates LLC raised its position in Regal Rexnord Corporation (NYSE:RRX) by 22.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 363,118 shares of the company’s stock after purchasing an additional 67,333 shares during the period. Jennison Associates LLC’s holdings in Regal Rexnord were worth $67,997,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of RRX. Covestor Ltd raised its stake in Regal Rexnord by 81.6% during the fourth quarter. Covestor Ltd now owns 178 shares of the company’s stock worth $25,000 after buying an additional 80 shares during the last quarter. Garner Asset Management Corp bought a new stake in Regal Rexnord during the fourth quarter valued at $27,000. IFP Advisors Inc boosted its position in Regal Rexnord by 34.0% during the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock valued at $27,000 after acquiring an additional 49 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in Regal Rexnord by 135.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock worth $25,000 after acquiring an additional 127 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in Regal Rexnord during the 3rd quarter worth about $35,000. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Regal Rexnord

In related news, CFO Robert Rehard sold 6,499 shares of the company’s 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 in the company, valued at approximately $5,593,000. This represents a 18.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 value of $4,764,705.12. Following the sale, the chief executive officer owned 56,749 shares of the company’s stock, 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. Insiders have sold a total of 30,305 shares of company stock valued at $6,341,869 over the last 90 days. Insiders own 0.63% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on RRX shares. Wall Street Zen lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Barclays raised their target price on Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, March 23rd. Citigroup lifted their target price on Regal Rexnord from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Oppenheimer reissued an “outperform” rating on shares of Regal Rexnord in a research note on Friday, July 10th. Finally, Wolfe Research set a $250.00 price target on Regal Rexnord in a report on Thursday, July 9th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and a consensus price target of $243.45.

Regal Rexnord Price Performance

Shares of NYSE RRX opened at $207.29 on Monday. Regal Rexnord Corporation has a fifty-two week low of $127.96 and a fifty-two week high of $247.80. The stock has a market cap of $13.80 billion, a price-to-earnings ratio of 48.21, a PEG 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. The firm’s 50-day simple moving average is $211.75 and its 200 day simple moving average is $197.65.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.11 by $0.06. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.15 EPS. As a group, 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 announced a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 0.7%. Regal Rexnord’s payout ratio is presently 32.56%.

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.