Maverick Capital Ltd. Makes New $1.38 Million Investment in Regal Rexnord Corporation $RRX

Maverick Capital Ltd. purchased a new stake in Regal Rexnord Corporation (NYSE:RRX) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 7,377 shares of the company’s stock, valued at approximately $1,381,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Easterly Investment Partners LLC grew its holdings in Regal Rexnord by 719.4% during 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 period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Regal Rexnord by 42.1% during the fourth 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. Vontobel Holding Ltd. raised its stake in Regal Rexnord by 5.2% in the fourth quarter. Vontobel Holding Ltd. now owns 276,266 shares of the company’s stock valued at $38,766,000 after buying an additional 13,564 shares during the period. Victory Capital Management Inc. raised its stake in Regal Rexnord by 42.6% in the fourth quarter. Victory Capital Management Inc. now owns 5,658,365 shares of the company’s stock valued at $793,983,000 after buying an additional 1,690,264 shares during the period. Finally, Handelsbanken Fonder AB lifted its position in shares of Regal Rexnord by 67.4% in the fourth quarter. Handelsbanken Fonder AB now owns 250,735 shares of the company’s stock valued at $35,183,000 after buying an additional 100,916 shares during the last quarter. Institutional investors own 99.72% of the company’s stock.

Insider Transactions at Regal Rexnord

In related news, Director Robin A. Walker-Lee sold 1,297 shares of the firm’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 transaction, the director directly owned 5,503 shares of the company’s stock, valued at approximately $1,176,816.55. This trade represents a 19.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Rehard sold 6,499 shares of Regal Rexnord stock in a transaction dated 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 $5,593,000. This trade represents a 18.86% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 30,305 shares of company stock valued at $6,341,869. 0.63% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. DA Davidson initiated coverage on Regal Rexnord in a report on Tuesday, June 16th. They set a “buy” rating and a $260.00 target price on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Regal Rexnord in a research note on Friday, July 17th. JPMorgan Chase & Co. raised their price target on Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Citigroup lifted their price objective on shares of Regal Rexnord from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Finally, Wall Street Zen downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $247.00.

Regal Rexnord Trading Down 0.7%

Shares of NYSE:RRX opened at $211.31 on Tuesday. Regal Rexnord Corporation has a 12-month low of $127.96 and a 12-month high of $247.80. The business has a 50 day moving average of $212.80 and a 200-day moving average of $200.44. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. The stock has a market cap of $14.07 billion, a PE ratio of 49.14, a P/E/G ratio of 2.00 and a beta of 1.08.

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

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. Regal Rexnord’s dividend payout ratio (DPR) is currently 32.56%.

Regal Rexnord 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.