Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 16.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 16,844 shares of the company’s stock after purchasing an additional 2,414 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Regal Rexnord were worth $2,613,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. CIBC Asset Management Inc increased its position in Regal Rexnord by 3.2% during the 3rd quarter. CIBC Asset Management Inc now owns 1,960 shares of the company’s stock valued at $325,000 after purchasing an additional 61 shares during the period. iA Global Asset Management Inc. grew its position in shares of Regal Rexnord by 2.7% in the 3rd quarter. iA Global Asset Management Inc. now owns 2,626 shares of the company’s stock worth $436,000 after buying an additional 68 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its position in shares of Regal Rexnord by 7.4% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,111 shares of the company’s stock worth $190,000 after buying an additional 77 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its position in shares of Regal Rexnord by 30.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock worth $71,000 after buying an additional 100 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of Regal Rexnord by 45.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 337 shares of the company’s stock worth $52,000 after buying an additional 105 shares during the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Stock Performance

Shares of NYSE RRX opened at $116.44 on Monday. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a 12 month low of $113.73 and a 12 month high of $185.28. The company has a 50 day simple moving average of $142.83 and a two-hundred day simple moving average of $158.04. The stock has a market cap of $7.72 billion, a price-to-earnings ratio of 39.47, a PEG ratio of 1.37 and a beta of 1.11.

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

Regal Rexnord Announces Dividend

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

Wall Street Analyst Weigh In

RRX has been the topic of a number of analyst reports. Citigroup cut their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Oppenheimer cut their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. The Goldman Sachs Group lifted their target price on shares of Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Jefferies Financial Group began coverage on shares of Regal Rexnord in a research note on Thursday, December 12th. They issued a “buy” rating and a $215.00 target price for the company. Finally, Barclays lowered their target price on shares of Regal Rexnord from $176.00 to $160.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $195.75.

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.