Assetmark Inc. Decreases Stake in Regal Rexnord Co. (NYSE:RRX)

Assetmark Inc. decreased its position in shares of Regal Rexnord Co. (NYSE:RRX) by 18.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,405 shares of the company’s stock after selling 310 shares during the quarter. Assetmark Inc.’s holdings in Regal Rexnord were worth $233,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the business. Headlands Technologies LLC purchased a new stake in Regal Rexnord during the 2nd quarter worth approximately $46,000. 1620 Investment Advisors Inc. acquired a new stake in Regal Rexnord during the 2nd quarter worth $52,000. UMB Bank n.a. raised its stake 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 last quarter. EntryPoint Capital LLC purchased a new position in Regal Rexnord during the first quarter worth about $68,000. Finally, GAMMA Investing LLC grew its holdings in Regal Rexnord by 13.9% during the second quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock worth $87,000 after acquiring an additional 79 shares during the period. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Regal Rexnord

In other Regal Rexnord 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 transaction of $1,579,583.22. Following the completion of the transaction, the chief executive officer now owns 149,618 shares in the company, valued at $26,935,728.54. This trade represents a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is owned by corporate insiders.

Regal Rexnord Trading Down 1.6 %

NYSE:RRX opened at $169.73 on Friday. The business has a 50 day simple moving average of $167.71 and a 200 day simple moving average of $156.84. Regal Rexnord Co. has a 12-month low of $113.79 and a 12-month high of $185.28. The firm has a market capitalization of $11.24 billion, a P/E ratio of 53.54, a P/E/G ratio of 1.86 and a beta of 1.04. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35.

Regal Rexnord (NYSE:RRX) last released its earnings results on Monday, November 4th. The company reported $2.49 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.01. The business had revenue of $1.48 billion for 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 business’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 earned $2.10 EPS. Equities research analysts predict that Regal Rexnord Co. will post 9.25 EPS for the current year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord’s dividend payout ratio (DPR) is presently 44.16%.

Analyst Upgrades and Downgrades

RRX has been the subject of a number of research analyst reports. StockNews.com upgraded Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Citigroup began coverage on shares of Regal Rexnord in a report on Monday, October 14th. They set a “buy” rating and a $200.00 target price for the company. The Goldman Sachs Group upped their price target on shares of Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Barclays raised their price objective on shares of Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Finally, Robert W. Baird reduced their target price on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Regal Rexnord presently has an average rating of “Moderate Buy” and an average price target of $193.00.

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.