On September 14, 2023, it was reported that ProShare Advisors LLC had increased its position in Regal Rexnord Co. (NYSE:RRX) by 13.9% during the first quarter. This information comes from a recent 13F filing with the Securities and Exchange Commission (SEC). The filing revealed that ProShare Advisors LLC now owns 257,795 shares of Regal Rexnord’s stock after acquiring an additional 31,463 shares during the period. This amounts to approximately 0.39% ownership of Regal Rexnord and is valued at $36,279,000.
Regal Rexnord (NYSE:RRX) recently released its quarterly earnings data on July 31st. The company reported earnings per share (EPS) of $2.56 for the quarter, surpassing the consensus estimate of $2.44 by $0.12. Additionally, Regal Rexnord achieved a return on equity of 10.53% and had a net margin of 4.45%. The company generated $1.77 billion in revenue for the quarter, meeting analysts’ expectations.
Comparing this quarter’s results with the same period last year, Regal Rexnord’s revenue experienced a noteworthy increase of 31.1%. However, it is important to note that the firm posted slightly lower EPS of $2.76 during the previous year’s corresponding period.
Analysts specializing in sell-side predictions anticipate that Regal Rexnord Co.’s current fiscal year will conclude with earnings per share amounting to approximately 10.41.
As always, these figures and performance indicators should be carefully examined within their broader context when evaluating investment decisions or assessing market trends.
Hedge Funds and Institutional Investors Show Confidence in Regal Rexnord with Increased Stakes
On September 14, 2023, it was reported that various hedge funds and institutional investors had made changes to their stakes in the company Regal Rexnord. Belpointe Asset Management LLC increased its stake in Regal Rexnord by a surprising 139.1% during the first quarter of the year. This change resulted in Belpointe Asset Management LLC now owning 208 shares of the company’s stock, valued at $29,000, after acquiring an additional 121 shares in the last quarter.
Similarly, Spire Wealth Management also raised its stake in Regal Rexnord by an astonishing 115.5% during the first quarter of this year. As a result, Spire Wealth Management now owns 278 shares of the company’s stock, valued at $39,000 after purchasing an additional 149 shares in the previous quarter.
Point72 Hong Kong Ltd took a different approach and purchased a new position in shares of Regal Rexnord during the first quarter for approximately $42,000.
Furthermore, Nomura Asset Management Co. Ltd., an investment management firm based in Japan, raised its stake in Regal Rexnord by an impressive 50% during the first quarter of this year. Nomura Asset Management Co. Ltd. now owns 330 shares of the company’s stock valued at $46,000 after acquiring an additional 110 shares during the last quarter.
Lastly, Machina Capital S.A.S., a French asset management firm, also entered into a new position with Regal Rexnord during the first quarter for around $58,000.
It is worth mentioning that hedge funds and other institutional investors currently own a substantial majority (96.67%) of Regal Rexnord’s stock.
In terms of analysis on RRX by research firms, Robert W. Baird recently raised their price target for Regal Rexnord from $184.00 to $211.00 and assigned the company an “outperform” rating in a research note on August 2nd. StockNews.com initiated coverage on Regal Rexnord with a “hold” rating on August 18th. Furthermore, Oppenheimer increased their price target for Regal Rexnord from $190.00 to $200.00 and also gave the company an “outperform” rating in their research note on August 2nd.
Based on data from Bloomberg, it is noted that two analysts have given the stock a hold rating while four analysts have issued a buy rating for Regal Rexnord’s stock. The overall consensus rating for the stock is classified as “Moderate Buy,” with an average target price of $193.40.
In other news, VP John Avampato completed a transaction where he sold 8,427 shares of Regal Rexnord’s stock on Wednesday, August 23rd. The average price per share was calculated at $151.83, resulting in a total transaction value of approximately $1,279,471.41. Following this transaction, VP John Avampato now directly owns 12,953 shares in the company, with an estimated value of about $1,966,653.99.
It should be noted that all these transactions were disclosed via legal filings with the Securities and Exchange Commission (SEC) and can be accessed through their website.
On Thursday, September 14th, shares of Regal Rexnord opened at $149.44.
Regal Rexnord Co., operating within the industrial manufacturing sector markets products across various industries such as aerospace and defense, agriculture and construction machinery, as well as mining and energy production equipment.
The company has demonstrated its strong financial position with a quick ratio of 1.37 and current ratio of 2.52 highlighting its ability to meet short-term financial obligations. Regal Rexnord also stands out with a debt-to-equity ratio of 1.03.
Regal Rexnord has experienced notable volatility in its stock price, with a twelve-month low of $111.84 and a twelve-month high of $166.00. As of now, the company has a market capitalization of approximately $9.91 billion, along with a price-to-earnings (P/E) ratio of 40.17 and a P/E-to-growth (PEG) ratio of 1.56. Its beta is calculated at 1.08.
Moreover, it is worth mentioning that the business’s moving averages indicate its performance trends over time, with the 50-day moving average priced at $155.41 and the 200-day moving average priced at $145.22.
In conclusion, Regal Rexnord has witnessed significant changes in stakes held by hedge funds and institutional investors during the first quarter, signaling their confidence in the company’s prospects. Additionally, research firms have provided positive ratings for Regal Rexnord’s stock, emphasizing its potential for further growth in the market. Despite recent transactions from insiders and fluctuations in stock prices, Regal Rexnord maintains a robust financial position and operates within multiple industries,