Raymond James Financial Inc. Invests $22.33 Million in Regal Rexnord Co. (NYSE:RRX)

Raymond James Financial Inc. acquired a new position in Regal Rexnord Co. (NYSE:RRX) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 143,908 shares of the company’s stock, valued at approximately $22,325,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of RRX. Atria Investments Inc bought a new stake in shares of Regal Rexnord in the 3rd quarter worth $257,000. Crossmark Global Holdings Inc. raised its stake in shares of Regal Rexnord by 18.2% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 4,705 shares of the company’s stock worth $780,000 after buying an additional 725 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Regal Rexnord in the 3rd quarter worth $229,000. Oppenheimer Asset Management Inc. raised its stake in shares of Regal Rexnord by 21.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 1,934 shares of the company’s stock worth $321,000 after buying an additional 338 shares in the last quarter. Finally, KBC Group NV raised its stake in shares of Regal Rexnord by 12.3% in the 3rd quarter. KBC Group NV now owns 1,795 shares of the company’s stock worth $298,000 after buying an additional 197 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $116.44 on Friday. Regal Rexnord Co. has a fifty-two week low of $113.73 and a fifty-two week high of $185.28. The business has a 50-day moving average of $142.83 and a two-hundred day moving average of $158.08. The stock has a market capitalization of $7.72 billion, a P/E ratio of 39.47, a P/E/G ratio of 1.37 and a beta of 1.11. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. On average, equities research analysts predict that Regal Rexnord Co. will post 9.95 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.35 per share. The ex-dividend date is Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.20%. Regal Rexnord’s dividend payout ratio is presently 47.46%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Citigroup decreased their target price on Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Jefferies Financial Group assumed coverage on Regal Rexnord in a report on Thursday, December 12th. They issued a “buy” rating and a $215.00 target price on the stock. Barclays decreased their target price on Regal Rexnord from $176.00 to $160.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. StockNews.com downgraded Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 16th. Finally, Oppenheimer lowered their price target on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Regal Rexnord currently has a consensus rating of “Moderate Buy” and a consensus price target of $195.75.

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.