Regal Rexnord (NYSE:RRX) Downgraded by StockNews.com

StockNews.com downgraded shares of Regal Rexnord (NYSE:RRX) from a buy rating to a hold rating in a research report report published on Thursday morning.

A number of other brokerages have also recently issued reports on RRX. The Goldman Sachs Group upped their target price on Regal Rexnord from $176.00 to $195.00 and gave the company a buy rating in a research report on Friday, August 2nd. Raymond James initiated coverage on Regal Rexnord in a research note on Friday, June 28th. They set a market perform rating for the company. Loop Capital reaffirmed a buy rating and set a $200.00 price objective on shares of Regal Rexnord in a research note on Thursday. Robert W. Baird upped their price objective on Regal Rexnord from $208.00 to $213.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Finally, KeyCorp reduced their price objective on Regal Rexnord from $210.00 to $190.00 and set an overweight rating for the company in a research note on Monday, July 15th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $191.29.

Regal Rexnord Stock Down 2.6 %

Shares of NYSE RRX opened at $169.67 on Thursday. The stock has a market cap of $11.29 billion, a PE ratio of -353.48, a price-to-earnings-growth ratio of 1.64 and a beta of 1.04. 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 52-week low of $97.18 and a 52-week high of $183.85. The business has a 50-day moving average price of $156.45 and a 200 day moving average price of $156.91.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.15. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations 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 revenue was down 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.56 EPS. Equities research analysts forecast that Regal Rexnord will post 9.53 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s dividend payout ratio (DPR) is -291.67%.

Hedge Funds Weigh In On Regal Rexnord

A number of large investors have recently modified their holdings of RRX. Norges Bank purchased a new position in shares of Regal Rexnord during the 4th quarter worth approximately $180,918,000. The Manufacturers Life Insurance Company raised its stake in shares of Regal Rexnord by 167.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock worth $140,374,000 after buying an additional 593,862 shares in the last quarter. Victory Capital Management Inc. increased its stake in Regal Rexnord by 42.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock valued at $254,832,000 after purchasing an additional 563,853 shares in the last quarter. Franklin Resources Inc. increased its stake in Regal Rexnord by 87.3% in the 4th quarter. Franklin Resources Inc. now owns 1,001,545 shares of the company’s stock valued at $148,249,000 after purchasing an additional 466,820 shares in the last quarter. Finally, Schroder Investment Management Group purchased a new position in Regal Rexnord in the 4th quarter valued at approximately $49,041,000. 99.72% of the stock is owned by hedge funds and other institutional investors.

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.