PNC Financial Services Group Inc. raised its holdings in shares of Regal Rexnord Co. (NYSE:RRX – Free Report) by 12.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,690 shares of the company’s stock after purchasing an additional 1,225 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Regal Rexnord were worth $1,527,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in RRX. US Bancorp DE acquired a new stake in Regal Rexnord during the 1st quarter valued at $702,000. Citigroup Inc. acquired a new stake in Regal Rexnord during the 1st quarter valued at $3,124,000. AlphaCrest Capital Management LLC acquired a new stake in Regal Rexnord during the 1st quarter valued at $347,000. Great West Life Assurance Co. Can acquired a new stake in Regal Rexnord during the 1st quarter valued at $5,758,000. Finally, Synovus Financial Corp acquired a new stake in Regal Rexnord during the 1st quarter valued at $1,608,000. Institutional investors and hedge funds own 96.67% of the company’s stock.
Regal Rexnord Trading Up 1.1 %
Shares of NYSE RRX opened at $168.47 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.59 and a current ratio of 2.55. Regal Rexnord Co. has a 52 week low of $97.18 and a 52 week high of $169.13. The stock’s fifty day moving average is $145.28 and its 200 day moving average is $138.87.
Regal Rexnord (NYSE:RRX – Get Free Report) last issued its quarterly earnings results on Wednesday, February 7th. The company reported $2.28 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.02. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the business earned $2.64 earnings per share. Regal Rexnord’s revenue was up 29.2% on a year-over-year basis. As a group, analysts forecast that Regal Rexnord Co. will post 10.05 EPS for the current fiscal year.
Regal Rexnord Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Thursday, March 28th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend is Wednesday, March 27th. Regal Rexnord’s payout ratio is -160.92%.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on RRX shares. TheStreet cut Regal Rexnord from a “b-” rating to a “c” rating in a research report on Thursday, November 2nd. KeyCorp lowered their price objective on Regal Rexnord from $184.00 to $148.00 and set an “overweight” rating on the stock in a research report on Thursday, November 2nd. Finally, Wolfe Research upgraded Regal Rexnord from a “peer perform” rating to an “outperform” rating and set a $151.00 price objective on the stock in a research report on Monday, December 11th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Regal Rexnord has an average rating of “Moderate Buy” and a consensus price target of $177.50.
Get Our Latest Stock Analysis on RRX
Insiders Place Their Bets
In other Regal Rexnord news, EVP Jerrald R. Morton sold 2,992 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $154.34, for a total transaction of $461,785.28. Following the completion of the transaction, the executive vice president now owns 15,884 shares of the company’s stock, valued at $2,451,536.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.98% of the company’s stock.
About Regal Rexnord
Regal Rexnord Corporation 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 in four segments: Commercial Systems, Industrial Systems, Climate Solutions, and Motion Control Solutions.
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Source: defenseworld.net
