William Blair Investment Management LLC Sells 70,429 Shares of Regal Rexnord Co. (NYSE:RRX)

William Blair Investment Management LLC trimmed its stake in Regal Rexnord Co. (NYSE:RRX) by 10.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 575,401 shares of the company’s stock after selling 70,429 shares during the period. William Blair Investment Management LLC owned approximately 0.87% of Regal Rexnord worth $77,806,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Regal Rexnord by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock worth $1,004,848,000 after acquiring an additional 24,847 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in Regal Rexnord by 8.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 58,336 shares of the company’s stock valued at $10,515,000 after purchasing an additional 4,342 shares in the last quarter. Blair William & Co. IL raised its position in Regal Rexnord by 161.4% during the 1st quarter. Blair William & Co. IL now owns 7,770 shares of the company’s stock valued at $1,399,000 after purchasing an additional 4,798 shares in the last quarter. Westfield Capital Management Co. LP raised its position in Regal Rexnord by 18.6% during the 1st quarter. Westfield Capital Management Co. LP now owns 302,532 shares of the company’s stock valued at $54,486,000 after purchasing an additional 47,379 shares in the last quarter. Finally, Artemis Investment Management LLP bought a new stake in Regal Rexnord during the 1st quarter valued at $19,508,000. 99.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Barclays decreased their target price on Regal Rexnord from $181.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. The Goldman Sachs Group boosted their price target on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Robert W. Baird boosted their price target on Regal Rexnord from $208.00 to $213.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Raymond James assumed coverage on Regal Rexnord in a research report on Friday, June 28th. They issued a “market perform” rating for the company. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $189.83.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $155.05 on Friday. The stock has a market cap of $10.32 billion, a PE ratio of -323.02, a price-to-earnings-growth ratio of 1.56 and a beta of 1.04. The business has a 50-day simple moving average of $153.74 and a 200-day simple moving average of $157.07. The company has a quick ratio of 1.38, a current ratio of 2.45 and a debt-to-equity ratio of 0.91. Regal Rexnord Co. has a 52-week low of $97.18 and a 52-week high of $183.85.

Regal Rexnord (NYSE:RRX) last released its quarterly 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. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. Regal Rexnord’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.56 EPS. On average, equities analysts expect that Regal Rexnord Co. will post 9.53 EPS for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.35 dividend. The ex-dividend date is Friday, September 27th. This represents a $1.40 dividend on an annualized basis and a yield of 0.90%. Regal Rexnord’s payout ratio is -291.67%.

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. 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.