CenterBook Partners LP Buys 13,344 Shares of Regal Rexnord Co. (NYSE:RRX)

CenterBook Partners LP lifted its position in Regal Rexnord Co. (NYSE:RRX) by 114.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,023 shares of the company’s stock after acquiring an additional 13,344 shares during the period. CenterBook Partners LP’s holdings in Regal Rexnord were worth $3,882,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in shares of Regal Rexnord by 6.9% during the third quarter. JPMorgan Chase & Co. now owns 436,307 shares of the company’s stock worth $72,375,000 after purchasing an additional 28,278 shares in the last quarter. Geode Capital Management LLC grew its stake in Regal Rexnord by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company’s stock valued at $183,195,000 after acquiring an additional 9,338 shares during the period. First Hawaiian Bank bought a new stake in shares of Regal Rexnord in the fourth quarter worth about $811,000. Franklin Resources Inc. raised its position in shares of Regal Rexnord by 7.2% during the third quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company’s stock worth $204,254,000 after purchasing an additional 77,215 shares during the period. Finally, Atria Investments Inc lifted its holdings in shares of Regal Rexnord by 48.9% during the 4th quarter. Atria Investments Inc now owns 2,310 shares of the company’s stock valued at $358,000 after purchasing an additional 759 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

Regal Rexnord Stock Performance

RRX opened at $107.09 on Thursday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26. The business’s 50-day simple moving average is $124.65 and its 200 day simple moving average is $151.76. The firm has a market capitalization of $7.10 billion, a PE ratio of 36.30, a PEG ratio of 1.37 and a beta of 1.09. Regal Rexnord Co. has a 52-week low of $90.56 and a 52-week high of $185.28.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data 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 net margin of 3.25% and a return on equity of 9.57%. As a group, sell-side analysts expect that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a $0.35 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.31%. Regal Rexnord’s payout ratio is 47.46%.

Wall Street Analysts Forecast Growth

RRX has been the subject of a number of research reports. Citigroup lowered their target price on Regal Rexnord from $170.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday. Jefferies Financial Group initiated coverage on shares of Regal Rexnord in a report on Thursday, December 12th. They set a “buy” rating and a $215.00 price objective on the stock. StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Tuesday. The Goldman Sachs Group dropped their price target on Regal Rexnord from $183.00 to $163.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, KeyCorp reduced their price objective on Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Regal Rexnord presently has a consensus rating of “Moderate Buy” and an average price target of $170.75.

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.