California Public Employees Retirement System Lowers Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

California Public Employees Retirement System lessened its stake in shares of Regal Rexnord Co. (NYSE:RRX) by 9.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 105,559 shares of the company’s stock after selling 10,573 shares during the quarter. California Public Employees Retirement System’s holdings in Regal Rexnord were worth $16,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of RRX. Norges Bank acquired a new position in Regal Rexnord during the 4th quarter worth approximately $235,188,000. Victory Capital Management Inc. boosted its stake in shares of Regal Rexnord by 20.1% in the fourth quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company’s stock valued at $337,712,000 after buying an additional 363,728 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Regal Rexnord by 56.8% during the fourth quarter. JPMorgan Chase & Co. now owns 683,980 shares of the company’s stock worth $106,106,000 after acquiring an additional 247,673 shares during the period. TimesSquare Capital Management LLC raised its position in Regal Rexnord by 35.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 884,095 shares of the company’s stock worth $137,150,000 after acquiring an additional 232,509 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Regal Rexnord in the fourth quarter valued at $22,325,000. 99.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Citigroup lowered their price target on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Jefferies Financial Group assumed coverage on shares of Regal Rexnord in a report on Thursday, December 12th. They issued a “buy” rating and a $215.00 target price for the company. Oppenheimer decreased their price target on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. The Goldman Sachs Group dropped their price objective on Regal Rexnord from $183.00 to $163.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Barclays decreased their target price on Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Regal Rexnord presently has a consensus rating of “Moderate Buy” and an average price target of $188.88.

Regal Rexnord Stock Down 3.8 %

Shares of NYSE RRX opened at $98.77 on Friday. The firm has a market cap of $6.55 billion, a P/E ratio of 33.48, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. Regal Rexnord Co. has a 1 year low of $92.50 and a 1 year high of $185.28. The firm’s 50 day moving average price is $130.83 and its 200 day moving average price is $154.15.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $2.34 EPS for the quarter, missing analysts’ consensus estimates 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, sell-side analysts anticipate that Regal Rexnord Co. will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.42%. Regal Rexnord’s payout ratio is currently 47.46%.

Regal Rexnord Company 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.