Allspring Global Investments Holdings LLC Cuts Stock Position in Regal Rexnord Co. (NYSE:RRX)

Allspring Global Investments Holdings LLC lowered its stake in Regal Rexnord Co. (NYSE:RRX) by 7.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 439,316 shares of the company’s stock after selling 34,774 shares during the period. Allspring Global Investments Holdings LLC owned 0.66% of Regal Rexnord worth $67,338,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in RRX. Creative Planning boosted its stake in Regal Rexnord by 28.5% during the 2nd quarter. Creative Planning now owns 2,805 shares of the company’s stock valued at $379,000 after purchasing an additional 622 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Regal Rexnord in the 2nd quarter worth $263,000. Ritholtz Wealth Management purchased a new position in shares of Regal Rexnord in the 3rd quarter worth $271,000. Hengehold Capital Management LLC boosted its stake in shares of Regal Rexnord by 1.5% in the 3rd quarter. Hengehold Capital Management LLC now owns 4,315 shares of the company’s stock worth $716,000 after buying an additional 65 shares during the last quarter. Finally, Bleakley Financial Group LLC purchased a new position in shares of Regal Rexnord in the 3rd quarter worth $219,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on RRX shares. StockNews.com cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 16th. The Goldman Sachs Group raised their target price on Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Oppenheimer decreased their target price on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. 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 target on the stock. Finally, Citigroup decreased their price target on Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.50.

Regal Rexnord Trading Down 1.3 %

RRX opened at $136.52 on Friday. The firm has a market cap of $9.04 billion, a P/E ratio of 46.28, a P/E/G ratio of 1.38 and a beta of 1.03. Regal Rexnord Co. has a 12 month low of $130.94 and a 12 month high of $185.28. The company has a current ratio of 2.26, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87. The stock has a 50-day moving average of $157.56 and a 200 day moving average of $162.58.

Regal Rexnord (NYSE:RRX) last released its quarterly 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, research analysts forecast that Regal Rexnord Co. will post 10.32 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. Shareholders of record on Monday, March 31st will be given 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 1.03%. Regal Rexnord’s dividend payout ratio (DPR) is presently 47.46%.

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.