Pitcairn Co. Sells 599 Shares of Regal Rexnord Co. (NYSE:RRX)

Pitcairn Co. cut its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 21.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,217 shares of the company’s stock after selling 599 shares during the period. Pitcairn Co.’s holdings in Regal Rexnord were worth $399,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Rise Advisors LLC bought a new stake in shares of Regal Rexnord during the first quarter worth $33,000. GAMMA Investing LLC bought a new stake in Regal Rexnord during the 4th quarter worth about $58,000. Riverview Trust Co acquired a new stake in Regal Rexnord in the 1st quarter valued at about $75,000. ICA Group Wealth Management LLC bought a new position in shares of Regal Rexnord in the fourth quarter worth about $70,000. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in shares of Regal Rexnord during the fourth quarter worth approximately $100,000. 99.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on RRX shares. StockNews.com lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating in a report on Thursday, July 4th. KeyCorp dropped their target price on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Barclays cut their price target on Regal Rexnord from $199.00 to $181.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Robert W. Baird lifted their price objective on Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Finally, Raymond James started coverage on Regal Rexnord in a report on Friday, June 28th. They set a “market perform” rating for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus target price of $188.00.

Regal Rexnord Trading Up 3.5 %

Shares of Regal Rexnord stock traded up $5.16 during trading on Thursday, reaching $150.91. 337,635 shares of the company were exchanged, compared to its average volume of 448,962. The business has a 50-day moving average price of $144.40 and a 200-day moving average price of $154.41. The firm has a market capitalization of $10.04 billion, a price-to-earnings ratio of -321.73, a P/E/G ratio of 1.56 and a beta of 1.06. The company has a quick ratio of 1.56, a current ratio of 2.62 and a debt-to-equity ratio of 0.99. Regal Rexnord Co. has a twelve month low of $97.18 and a twelve month high of $183.85.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Monday, May 6th. The company reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.02. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.56 billion. Regal Rexnord had a positive return on equity of 9.42% and a negative net margin of 0.48%. The company’s revenue for the quarter was up 26.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.22 EPS. Sell-side analysts anticipate that Regal Rexnord Co. will post 9.73 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.40 annualized dividend and a yield of 0.93%. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

Regal Rexnord Profile

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. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.