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

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

Several other hedge funds have also recently made changes to their positions in RRX. Tobam acquired a new stake in Regal Rexnord during the 4th quarter worth about $45,000. Nomura Asset Management Co. Ltd. grew its position in Regal Rexnord by 30.3% during the 3rd 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. 1620 Investment Advisors Inc. grew its position in shares of Regal Rexnord by 17.4% during the 3rd quarter. 1620 Investment Advisors Inc. now owns 452 shares of the company’s stock valued at $75,000 after acquiring an additional 67 shares during the period. GAMMA Investing LLC grew its position in shares of Regal Rexnord by 28.3% during the 4th quarter. GAMMA Investing LLC now owns 1,079 shares of the company’s stock valued at $167,000 after acquiring an additional 238 shares during the period. Finally, Weatherly Asset Management L. P. acquired a new stake in shares of Regal Rexnord during the 3rd quarter valued at about $180,000. 99.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RRX has been the topic of a number of analyst reports. The Goldman Sachs Group raised their target price on Regal Rexnord from $191.00 to $213.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Citigroup decreased their price target on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Jefferies Financial Group initiated coverage on shares of Regal Rexnord in a research note on Thursday, December 12th. They issued a “buy” rating and a $215.00 target price on the stock. Oppenheimer cut their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Finally, StockNews.com downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 16th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Regal Rexnord has an average rating of “Moderate Buy” and a consensus price target of $199.50.

Regal Rexnord Stock Performance

Shares of RRX opened at $136.52 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.26. The company has a market capitalization of $9.04 billion, a price-to-earnings ratio of 46.28, a PEG ratio of 1.38 and a beta of 1.03. Regal Rexnord Co. has a 1 year low of $130.94 and a 1 year high of $185.28. The company’s 50 day simple moving average is $157.56 and its 200 day simple moving average is $162.58.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Wednesday, February 5th. The company reported $2.34 earnings per share (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%. On average, sell-side analysts predict that Regal Rexnord Co. will post 10.32 EPS for the current year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend is Monday, March 31st. Regal Rexnord’s dividend payout ratio is currently 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.