PNC Financial Services Group Inc. Has $2.04 Million Position in Regal Rexnord Co. (NYSE:RRX)

PNC Financial Services Group Inc. grew its position in Regal Rexnord Co. (NYSE:RRX) by 29.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 12,311 shares of the company’s stock after purchasing an additional 2,783 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Regal Rexnord were worth $2,042,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Headlands Technologies LLC acquired a new stake in Regal Rexnord during the 2nd quarter worth $46,000. UMB Bank n.a. raised its position in shares of Regal Rexnord by 72.5% during the third quarter. UMB Bank n.a. now owns 345 shares of the company’s stock worth $57,000 after purchasing an additional 145 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Regal Rexnord during the 2nd quarter valued at about $52,000. GAMMA Investing LLC lifted its holdings in shares of Regal Rexnord by 13.9% during the 2nd quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock valued at $87,000 after purchasing an additional 79 shares in the last quarter. Finally, CWM LLC grew its position in shares of Regal Rexnord by 25.4% in the 2nd quarter. CWM LLC now owns 825 shares of the company’s stock valued at $112,000 after purchasing an additional 167 shares during the period. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Stock Performance

Shares of NYSE RRX opened at $182.22 on Tuesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45. The stock has a 50 day moving average price of $170.10 and a 200 day moving average price of $157.21. The stock has a market capitalization of $12.07 billion, a PE ratio of 55.95, a price-to-earnings-growth ratio of 1.92 and a beta of 1.04. Regal Rexnord Co. has a 52 week low of $113.79 and a 52 week high of $185.28.

Regal Rexnord (NYSE:RRX) last released its earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.01. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the business earned $2.10 earnings per share. The firm’s revenue was down 10.4% on a year-over-year basis. Analysts predict that Regal Rexnord Co. will post 9.25 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be issued a $0.35 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.77%. Regal Rexnord’s payout ratio is 44.16%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RRX. The Goldman Sachs Group lifted their price target on shares of Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Loop Capital reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Regal Rexnord in a research report on Thursday, September 19th. Robert W. Baird lowered their target price on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. StockNews.com upgraded Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Finally, Barclays increased their price objective on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Regal Rexnord presently has an average rating of “Moderate Buy” and an average target price of $193.00.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $180.03, for a total value of $1,579,583.22. Following the sale, the chief executive officer now owns 149,618 shares in the company, valued at $26,935,728.54. This represents a 5.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is currently owned by company insiders.

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.