Regal Rexnord Corp. (RRX) Beats Earnings and Revenue Estimates

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark in the third quarter, the Russell 3000 Index. Only the industrial sector contributed positively to the strategy’s absolute performance among the ten sectors the strategy invested in. The significant performance detractors were materials, consumer discretionary, and real estate sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments highlighted stocks like Regal Rexnord Corporation (NYSE:RRX) in the Q3 2022 investor letter. Headquartered in Beloit, Wisconsin, Regal Rexnord Corporation (NYSE:RRX) manufactures motors, bearings, gearing, conveying, blowers, electric components, and couplings globally. On November 21, 2022, Regal Rexnord Corporation (NYSE:RRX) stock closed at $127.24 per share. One-month return of Regal Rexnord Corporation (NYSE:RRX) was -15.78% and its shares lost 25.32% of their value over the last 52 weeks. Regal Rexnord Corporation (NYSE:RRX) has a market capitalization of $8.417 billion.

ClearBridge Investments made the following comment about Regal Rexnord Corporation (NYSE:RRX) in its Q3 2022 investor letter:

“Industrials holdings such as process and motion control company Regal Rexnord Corporation (NYSE:RRX) and HVAC and transport refrigeration company Trane Technologies (TT) also performed well, lifted by strong execution as both beat earnings and revenue expectations. Both companies should also benefit from the IRA as they enable greater energy efficiency in a variety of settings: Regal Rexnord innovates through best-in-class engineering capabilities to help customers achieve their energy efficiency objectives; Trane’s products enable lower energy demand and emissions in HVAC systems and buildings, where it estimates ~15%–25% of all GHG emissions are emitted.”

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Factory, Industrial

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Regal Rexnord Corporation (NYSE:RRX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Regal Rexnord Corporation (NYSE:RRX)  at the end of the third quarter, which was 38 in the previous quarter.

We discussed Regal Rexnord Corporation (NYSE:RRX) in another article and shared Carillon Tower Advisers’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.