Corebridge Financial Inc. Sells 3,748 Shares of Regal Rexnord Co. (NYSE:RRX)

Corebridge Financial Inc. decreased its stake in Regal Rexnord Co. (NYSE:RRX) by 4.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,939 shares of the company’s stock after selling 3,748 shares during the period. Corebridge Financial Inc. owned about 0.11% of Regal Rexnord worth $11,625,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RRX. PNC Financial Services Group Inc. boosted its holdings in shares of Regal Rexnord by 29.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock valued at $2,042,000 after acquiring an additional 2,783 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Regal Rexnord by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 431,774 shares of the company’s stock valued at $71,623,000 after purchasing an additional 4,752 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of Regal Rexnord by 11.7% during the third quarter. Cerity Partners LLC now owns 2,632 shares of the company’s stock worth $436,000 after purchasing an additional 276 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its stake in shares of Regal Rexnord by 79.4% in the third quarter. Dynamic Technology Lab Private Ltd now owns 11,257 shares of the company’s stock valued at $1,867,000 after buying an additional 4,981 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in Regal Rexnord by 1.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,137,746 shares of the company’s stock valued at $188,729,000 after buying an additional 12,301 shares during the last quarter. Institutional investors own 99.72% of the company’s stock.

Regal Rexnord Stock Performance

NYSE RRX opened at $124.79 on Wednesday. The company has a fifty day moving average price of $138.27 and a 200-day moving average price of $156.25. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of 42.30, a PEG 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 Co. has a 1 year low of $113.73 and a 1 year high of $185.28.

Regal Rexnord (NYSE:RRX) last posted its earnings results 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 return on equity of 9.57% and a net margin of 3.25%. As a group, equities research analysts predict that Regal Rexnord Co. will post 9.95 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Monday, March 31st. Regal Rexnord’s dividend payout ratio is currently 47.46%.

Analysts Set New Price Targets

RRX has been the topic of a number of research reports. Oppenheimer reduced their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Barclays decreased 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 report on Monday, March 10th. StockNews.com downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 16th. Citigroup reduced their price target on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, Jefferies Financial Group assumed coverage on Regal Rexnord in a report on Thursday, December 12th. They set a “buy” rating and a $215.00 price objective for the company. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.