Hsbc Holdings PLC Sells 23,734 Shares of Regal Rexnord Corporation $RRX

Hsbc Holdings PLC trimmed its position in Regal Rexnord Corporation (NYSE:RRX) by 84.2% during the 1st quarter, HoldingsChannel reports. The firm owned 4,439 shares of the company’s stock after selling 23,734 shares during the period. Hsbc Holdings PLC’s holdings in Regal Rexnord were worth $831,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Covestor Ltd increased its position in shares of Regal Rexnord by 81.6% during the 4th quarter. Covestor Ltd now owns 178 shares of the company’s stock valued at $25,000 after purchasing an additional 80 shares during the last quarter. Garner Asset Management Corp purchased a new position in shares of Regal Rexnord in the fourth quarter worth approximately $27,000. IFP Advisors Inc grew 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 buying an additional 49 shares during the period. Geneos Wealth Management Inc. increased its holdings in Regal Rexnord by 135.1% during the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock valued at $25,000 after buying an additional 127 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Regal Rexnord during the third quarter valued at approximately $35,000. 99.72% of the stock is currently owned by institutional investors.

Regal Rexnord Stock Down 7.9%

Shares of RRX stock opened at $186.91 on Thursday. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.17 and a quick ratio of 1.08. Regal Rexnord Corporation has a one year low of $127.96 and a one year high of $247.80. The company’s fifty day moving average price is $212.97 and its 200-day moving average price is $201.04. The company has a market capitalization of $12.44 billion, a price-to-earnings ratio of 43.47, a PEG ratio of 1.35 and a beta of 1.08.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.Regal Rexnord’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.15 EPS. Sell-side analysts expect that Regal Rexnord Corporation will post 10.65 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

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

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CFO Robert Rehard sold 6,499 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $200.00, for a total value of $1,299,800.00. Following the completion of the transaction, the chief financial officer directly owned 27,965 shares in the company, valued at $5,593,000. This represents a 18.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the sale, the chief executive officer directly owned 56,749 shares of the company’s stock, valued at approximately $12,012,628.32. This trade represents a 28.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 30,305 shares of company stock valued at $6,341,869. 0.63% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

RRX has been the topic of several analyst reports. Citigroup lifted their price target on shares of Regal Rexnord from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Wall Street Zen lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Deutsche Bank Aktiengesellschaft started coverage on Regal Rexnord in a report on Monday, July 20th. They issued a “buy” rating and a $286.00 target price on the stock. Wolfe Research set a $250.00 target price on Regal Rexnord in a research report on Thursday, July 9th. Finally, KeyCorp boosted 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. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $247.00.

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.