KLP Kapitalforvaltning AS Takes Position in Regal Rexnord Co. (NYSE:RRX)

KLP Kapitalforvaltning AS purchased a new position in shares of Regal Rexnord Co. (NYSE:RRX) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,503 shares of the company’s stock, valued at approximately $2,099,000.

Several other large investors have also bought and sold shares of the business. Skandinaviska Enskilda Banken AB publ boosted its holdings in Regal Rexnord by 472.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company’s stock worth $25,000 after buying an additional 137 shares during the last quarter. Tobam bought a new position in Regal Rexnord during the 4th quarter worth approximately $45,000. Jones Financial Companies Lllp grew its holdings in Regal Rexnord by 90.5% during 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 period. Smartleaf Asset Management LLC increased 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 in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its holdings in Regal Rexnord by 30.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock worth $71,000 after purchasing an additional 100 shares during the period. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Trading Down 1.7 %

NYSE:RRX opened at $120.80 on Friday. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a twelve month low of $113.73 and a twelve month high of $185.28. The company has a market cap of $8.01 billion, a P/E ratio of 40.95, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The business has a 50 day moving average price of $136.83 and a two-hundred day moving average price of $155.77.

Regal Rexnord (NYSE:RRX) last released its earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share 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, analysts expect that Regal Rexnord Co. will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The business 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 of this dividend is Monday, March 31st. This represents a $1.40 annualized dividend and a yield of 1.16%. Regal Rexnord’s payout ratio is presently 47.46%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Citigroup decreased 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. Oppenheimer decreased their target price on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. StockNews.com lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 16th. Barclays decreased their price objective on Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Jefferies Financial Group began coverage on shares of Regal Rexnord in a report on Thursday, December 12th. They set a “buy” rating and a $215.00 target price on the stock. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $195.13.

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.