Truist Financial Corp acquired a new stake in shares of Regal Rexnord Co. (NYSE:RRX – Get Rating) during the 1st quarter, HoldingsChannel reports. The fund acquired 6,661 shares of the company’s stock, valued at approximately $992,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Mountain Pacific Investment Advisers Inc. ID purchased a new position in shares of Regal Rexnord in the first quarter worth about $30,403,000. Retirement Systems of Alabama purchased a new position in Regal Rexnord during the first quarter worth about $24,291,000. Scout Investments Inc. acquired a new stake in shares of Regal Rexnord during the first quarter valued at about $15,278,000. Wedge Capital Management L L P NC acquired a new stake in shares of Regal Rexnord during the first quarter valued at about $13,537,000. Finally, Strs Ohio acquired a new stake in shares of Regal Rexnord during the first quarter valued at about $11,092,000. 98.16% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on RRX shares. The Goldman Sachs Group dropped their price target on shares of Regal Rexnord from $181.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, June 23rd. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Friday, July 8th. Barclays dropped their price objective on shares of Regal Rexnord from $150.00 to $140.00 and set an “overweight” rating for the company in a report on Friday, July 8th. Finally, KeyCorp dropped their price objective on shares of Regal Rexnord from $185.00 to $155.00 and set an “overweight” rating for the company in a report on Tuesday, July 12th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Regal Rexnord presently has an average rating of “Buy” and an average target price of $165.60.
Regal Rexnord Stock Up 0.7 %
Shares of Regal Rexnord stock opened at $124.24 on Friday. Regal Rexnord Co. has a 52-week low of $108.28 and a 52-week high of $176.91. The company has a 50 day moving average of $118.69 and a 200 day moving average of $139.98. The company has a quick ratio of 1.55, a current ratio of 2.81 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $8.32 billion, a P/E ratio of 22.92, a P/E/G ratio of 1.17 and a beta of 1.23.
Regal Rexnord (NYSE:RRX – Get Rating) last issued its quarterly earnings results on Wednesday, April 27th. The company reported $2.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.44 by $0.24. Regal Rexnord had a net margin of 6.28% and a return on equity of 11.36%. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the firm earned $1.98 earnings per share. As a group, research analysts forecast that Regal Rexnord Co. will post 10.58 EPS for the current fiscal year.
Regal Rexnord Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 14th. Stockholders of record on Thursday, June 30th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Wednesday, June 29th. This is an increase from Regal Rexnord’s previous quarterly dividend of $0.33. Regal Rexnord’s payout ratio is currently 25.83%.
About Regal Rexnord
Regal Rexnord Corporation, together with its subsidiaries, designs, manufactures, and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. It operates through four segments: Commercial Systems, Industrial Systems, Climate Solutions, and Motion Control Solutions.
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Source: defenseworld.net
