JPMorgan Chase & Co. Buys 28,278 Shares of Regal Rexnord Co. (NYSE:RRX)

JPMorgan Chase & Co. grew its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 6.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 436,307 shares of the company’s stock after acquiring an additional 28,278 shares during the period. JPMorgan Chase & Co.’s holdings in Regal Rexnord were worth $72,375,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Headlands Technologies LLC bought a new position in Regal Rexnord during the second quarter valued at $46,000. UMB Bank n.a. raised its stake in Regal Rexnord by 72.5% in the 3rd quarter. UMB Bank n.a. now owns 345 shares of the company’s stock valued at $57,000 after acquiring an additional 145 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in Regal Rexnord by 30.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock worth $71,000 after purchasing an additional 100 shares during the period. 1620 Investment Advisors Inc. increased its stake in shares of Regal Rexnord by 17.4% in the third quarter. 1620 Investment Advisors Inc. now owns 452 shares of the company’s stock worth $75,000 after purchasing an additional 67 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Regal Rexnord by 30.0% during the 3rd quarter. GAMMA Investing LLC now owns 841 shares of the company’s stock valued at $140,000 after buying an additional 194 shares in the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Stock Up 3.5 %

RRX opened at $158.68 on Friday. The stock has a market cap of $10.51 billion, a PE ratio of 50.06, a P/E/G ratio of 1.83 and a beta of 1.03. The company has a quick ratio of 1.35, a current ratio of 2.45 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a 52 week low of $130.94 and a 52 week high of $185.28. The business’s fifty day simple moving average is $167.72 and its 200 day simple moving average is $160.11.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.01. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The firm’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.10 earnings per share. As a group, research analysts expect that Regal Rexnord Co. will post 9.24 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Tuesday, December 31st. Regal Rexnord’s dividend payout ratio (DPR) is presently 44.16%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Loop Capital restated a “buy” rating and set a $200.00 target price on shares of Regal Rexnord in a research report on Thursday, September 19th. The Goldman Sachs Group lifted their target price on Regal Rexnord from $191.00 to $213.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Barclays raised their price objective on shares of Regal Rexnord from $190.00 to $205.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Finally, Citigroup started coverage on shares of Regal Rexnord in a report on Monday, October 14th. They issued a “buy” rating and a $200.00 price target on the stock. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Regal Rexnord has an average rating of “Moderate Buy” and an average price target of $205.13.

Insider Buying and Selling at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 8,774 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $180.03, for a total value of $1,579,583.22. Following the completion of the sale, the chief executive officer now directly owns 149,618 shares of the company’s stock, valued at approximately $26,935,728.54. This trade represents a 5.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.82% of the company’s stock.

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.