Regal Rexnord (NYSE:RRX) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of Regal Rexnord (NYSE:RRX) from a hold rating to a buy rating in a research note issued to investors on Wednesday.

Several other analysts have also issued reports on the company. Robert W. Baird upped their target price on Regal Rexnord from $208.00 to $213.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. KeyCorp lowered their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Raymond James assumed coverage on shares of Regal Rexnord in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Barclays upped their target price on shares of Regal Rexnord from $180.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Finally, Loop Capital reissued a “buy” rating and set a $200.00 price target on shares of Regal Rexnord in a research report on Thursday, September 19th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $193.63.

Regal Rexnord Trading Up 2.2 %

Shares of NYSE RRX opened at $178.07 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 2.45 and a debt-to-equity ratio of 0.91. Regal Rexnord has a 12 month low of $97.18 and a 12 month high of $183.85. The company has a market cap of $11.84 billion, a price-to-earnings ratio of -370.97, a P/E/G ratio of 1.76 and a beta of 1.04. The business has a fifty day simple moving average of $162.07 and a 200-day simple moving average of $156.00.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Wednesday, July 31st. The company reported $2.29 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.15. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The business’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.56 earnings per share. Sell-side analysts predict that Regal Rexnord will post 9.48 EPS for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date was Friday, September 27th. Regal Rexnord’s dividend payout ratio is presently -291.67%.

Institutional Investors Weigh In On Regal Rexnord

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. raised its stake in Regal Rexnord by 42.7% during the 2nd quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock worth $254,832,000 after acquiring an additional 563,853 shares in the last quarter. Capital World Investors lifted its stake in Regal Rexnord by 4.7% in the first quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock valued at $1,188,615,000 after buying an additional 296,941 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Regal Rexnord by 24.7% in the second quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock valued at $152,183,000 after acquiring an additional 222,775 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in shares of Regal Rexnord by 7.1% in the second quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock valued at $430,255,000 after acquiring an additional 209,776 shares during the period. Finally, TimesSquare Capital Management LLC boosted its stake in Regal Rexnord by 64.4% during the 1st quarter. TimesSquare Capital Management LLC now owns 466,475 shares of the company’s stock worth $84,012,000 after purchasing an additional 182,770 shares during the period. Institutional investors and hedge funds own 99.72% of the company’s stock.

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.