Regal Rexnord Co. (NYSE:RRX) Short Interest Update

Regal Rexnord Co. (NYSE:RRX) was the recipient of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,300,000 shares, a growth of 21.5% from the October 31st total of 1,070,000 shares. Based on an average trading volume of 456,600 shares, the days-to-cover ratio is currently 2.8 days. Currently, 2.0% of the shares of the company are sold short.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 8,774 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $180.03, for a total value of $1,579,583.22. Following the sale, the chief executive officer now owns 149,618 shares of the company’s stock, valued at $26,935,728.54. The trade was a 5.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RRX. Headlands Technologies LLC acquired a new position in shares of Regal Rexnord in the 2nd quarter worth approximately $46,000. 1620 Investment Advisors Inc. acquired a new position in shares of Regal Rexnord in the 2nd quarter worth approximately $52,000. UMB Bank n.a. lifted its position in shares of Regal Rexnord by 72.5% in the 3rd quarter. UMB Bank n.a. now owns 345 shares of the company’s stock worth $57,000 after purchasing an additional 145 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in shares of Regal Rexnord by 30.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock valued at $71,000 after acquiring an additional 100 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Regal Rexnord by 13.9% in the 2nd quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock valued at $87,000 after acquiring an additional 79 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of RRX traded up $2.45 during mid-day trading on Monday, reaching $175.16. The company had a trading volume of 222,265 shares, compared to its average volume of 454,334. The company’s 50 day simple moving average is $170.84 and its 200 day simple moving average is $157.58. Regal Rexnord has a 1-year low of $122.49 and a 1-year high of $185.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45. The company has a market capitalization of $11.60 billion, a price-to-earnings ratio of 55.44, a P/E/G ratio of 1.87 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Monday, November 4th. The company reported $2.49 EPS for the quarter, topping the consensus estimate of $2.48 by $0.01. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the company earned $2.10 EPS. The firm’s revenue was down 10.4% compared to the same quarter last year. Analysts expect that Regal Rexnord will post 9.25 EPS for the current year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 annualized dividend and a yield of 0.80%. Regal Rexnord’s dividend payout ratio is presently 44.16%.

Analyst Ratings Changes

A number of equities analysts have commented on RRX shares. Barclays boosted their price target on shares of Regal Rexnord from $180.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Citigroup started coverage on shares of Regal Rexnord in a research report on Monday, October 14th. They issued a “buy” rating and a $200.00 price target on the stock. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Loop Capital reiterated a “buy” rating and set a $200.00 target price on shares of Regal Rexnord in a research report on Thursday, September 19th. Finally, Robert W. Baird lowered their price objective on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $193.00.

Regal Rexnord Company 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.