1620 Investment Advisors Inc. Buys New Stake in Regal Rexnord Co. (NYSE:RRX)

1620 Investment Advisors Inc. purchased a new position in Regal Rexnord Co. (NYSE:RRX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 385 shares of the company’s stock, valued at approximately $52,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Regal Rexnord by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock worth $1,004,848,000 after purchasing an additional 24,847 shares during the last quarter. Capital World Investors lifted its holdings in shares of Regal Rexnord by 4.7% during the 1st quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock worth $1,188,615,000 after acquiring an additional 296,941 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Regal Rexnord by 4.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,532,578 shares of the company’s stock worth $522,892,000 after acquiring an additional 135,154 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Regal Rexnord by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,397,492 shares of the company’s stock worth $206,862,000 after acquiring an additional 30,688 shares during the period. Finally, Norges Bank bought a new position in shares of Regal Rexnord during the 4th quarter worth about $180,918,000. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Trading Down 0.3 %

Shares of RRX stock opened at $160.12 on Friday. Regal Rexnord Co. has a 12-month low of $97.18 and a 12-month high of $183.85. The company has a market capitalization of $10.65 billion, a P/E ratio of -333.58, a P/E/G ratio of 1.67 and a beta of 1.06. The company has a quick ratio of 1.38, a current ratio of 2.45 and a debt-to-equity ratio of 0.91. The firm has a 50-day moving average price of $147.39 and a 200 day moving average price of $156.83.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.15. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the previous year, the firm posted $2.56 earnings per share. The company’s revenue was down 12.5% on a year-over-year basis. Research analysts forecast that Regal Rexnord Co. will post 9.47 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.87%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s dividend payout ratio is -291.67%.

Analyst Upgrades and Downgrades

RRX has been the subject of a number of analyst reports. StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Monday, August 5th. The Goldman Sachs Group raised their price objective on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Raymond James initiated coverage on shares of Regal Rexnord in a report on Friday, June 28th. They set a “market perform” rating for the company. Robert W. Baird raised their price objective on shares of Regal Rexnord from $208.00 to $213.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, KeyCorp cut their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a report on Monday, July 15th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $189.83.

Regal Rexnord Company 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.