Norges Bank Takes $235.19 Million Position in Regal Rexnord Co. (NYSE:RRX)

Norges Bank acquired a new stake in shares of Regal Rexnord Co. (NYSE:RRX) during the fourth quarter, HoldingsChannel reports. The fund acquired 1,516,072 shares of the company’s stock, valued at approximately $235,188,000.

Other institutional investors also recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ boosted its position in Regal Rexnord by 472.4% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company’s stock valued at $25,000 after acquiring an additional 137 shares in the last quarter. Tobam bought a new stake in Regal Rexnord during the fourth quarter valued at about $45,000. Jones Financial Companies Lllp grew its stake in Regal Rexnord by 90.5% in the fourth quarter. Jones Financial Companies Lllp now owns 322 shares of the company’s stock valued at $50,000 after purchasing an additional 153 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in Regal Rexnord by 45.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 337 shares of the company’s stock valued at $52,000 after purchasing an additional 105 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of Regal Rexnord by 30.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock valued at $71,000 after buying an additional 100 shares during the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Stock Down 2.3 %

Regal Rexnord stock opened at $118.03 on Monday. The business’s 50-day simple moving average is $136.06 and its two-hundred day simple moving average is $155.67. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. The company has a market cap of $7.82 billion, a PE ratio of 40.01, a PEG ratio of 1.37 and a beta of 1.11. Regal Rexnord Co. has a fifty-two week low of $113.73 and a fifty-two week high of $185.28.

Regal Rexnord (NYSE:RRX) last issued its earnings results 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%. Equities analysts anticipate that Regal Rexnord Co. will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.19%. Regal Rexnord’s dividend payout ratio (DPR) is presently 47.46%.

Analyst Upgrades and Downgrades

RRX has been the topic of a number of analyst reports. Jefferies Financial Group initiated coverage on shares of Regal Rexnord in a research report on Thursday, December 12th. They issued a “buy” rating and a $215.00 price objective on the stock. Citigroup cut their price target on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Barclays decreased their price objective on Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating for the company in a report on Wednesday, March 26th. The Goldman Sachs Group boosted their target price on Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, StockNews.com cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $195.13.

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.