Jennison Associates LLC Has $21.77 Million Stock Position in Regal Rexnord Co. (NYSE:RRX)

Jennison Associates LLC raised its holdings in Regal Rexnord Co. (NYSE:RRX) by 4.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 131,255 shares of the company’s stock after buying an additional 5,942 shares during the quarter. Jennison Associates LLC’s holdings in Regal Rexnord were worth $21,773,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Headlands Technologies LLC bought a new stake in shares of Regal Rexnord in the 2nd quarter valued at $46,000. 1620 Investment Advisors Inc. acquired a new stake in Regal Rexnord in the second quarter worth $52,000. UMB Bank n.a. increased its stake in Regal Rexnord by 72.5% in the third quarter. UMB Bank n.a. now owns 345 shares of the company’s stock valued at $57,000 after purchasing an additional 145 shares in the last quarter. EntryPoint Capital LLC bought a new stake in Regal Rexnord in the first quarter valued at $68,000. Finally, GAMMA Investing LLC raised its holdings in shares of Regal Rexnord by 13.9% during the second quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock valued at $87,000 after purchasing an additional 79 shares during the period. 99.72% of the stock is currently owned by institutional investors.

Insider Transactions at Regal Rexnord

In related 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 sale, the chief executive officer now owns 149,618 shares in the company, valued at approximately $26,935,728.54. This trade represents a 5.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RRX. Robert W. Baird decreased their target price on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. The Goldman Sachs Group upped their target price on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Loop Capital reiterated a “buy” rating and issued a $200.00 target price on shares of Regal Rexnord in a report on Thursday, September 19th. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price objective on shares of Regal Rexnord from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. One investment 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 currently has a consensus rating of “Moderate Buy” and an average target price of $193.00.

Regal Rexnord Stock Up 2.2 %

RRX opened at $177.53 on Friday. Regal Rexnord Co. has a fifty-two week low of $113.79 and a fifty-two week high of $185.28. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35. The company’s 50-day moving average is $169.65 and its 200 day moving average is $157.15. The firm has a market capitalization of $11.76 billion, a P/E ratio of 54.81, a PEG ratio of 1.86 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.01. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.53 billion. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The company’s revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.10 EPS. Research analysts expect that Regal Rexnord Co. will post 9.25 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.79%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord’s dividend payout ratio is presently 44.16%.

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.