Regal Rexnord (NYSE:RRX) Lifted to “Buy” at StockNews.com

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

A number of other equities analysts have also recently issued reports on the stock. KeyCorp raised their target price on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an overweight rating in a report on Monday, March 25th. Oppenheimer raised their target price on shares of Regal Rexnord from $185.00 to $210.00 and gave the stock an outperform rating in a report on Wednesday, March 13th. Robert W. Baird raised their price target on shares of Regal Rexnord from $205.00 to $208.00 and gave the company an outperform rating in a research note on Wednesday, May 8th. Finally, Barclays dropped their price target on shares of Regal Rexnord from $199.00 to $181.00 and set an overweight rating on the stock in a research note on Tuesday, June 4th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $192.00.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $135.22 on Wednesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.56 and a current ratio of 2.62. Regal Rexnord has a one year low of $97.18 and a one year high of $183.85. The company’s 50-day simple moving average is $151.63 and its 200-day simple moving average is $154.62. The stock has a market capitalization of $8.99 billion, a price-to-earnings ratio of -281.71, a PEG ratio of 1.39 and a beta of 1.10.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Monday, May 6th. The company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.98 by $0.02. Regal Rexnord had a negative net margin of 0.48% and a positive return on equity of 9.42%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same quarter last year, the company posted $2.22 earnings per share. The company’s quarterly revenue was up 26.4% compared to the same quarter last year. Equities analysts anticipate that Regal Rexnord will post 9.82 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a $0.35 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.40 annualized dividend and a dividend yield of 1.04%. Regal Rexnord’s payout ratio is currently -291.67%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RRX. Norges Bank acquired a new position in shares of Regal Rexnord during the fourth quarter valued at approximately $180,918,000. Third Point LLC acquired a new position in shares of Regal Rexnord during the third quarter valued at approximately $92,872,000. The Manufacturers Life Insurance Company increased its stake in shares of Regal Rexnord by 167.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock valued at $140,374,000 after acquiring an additional 593,862 shares during the period. Franklin Resources Inc. increased its stake in shares of Regal Rexnord by 87.3% during the fourth quarter. Franklin Resources Inc. now owns 1,001,545 shares of the company’s stock valued at $148,249,000 after acquiring an additional 466,820 shares during the period. Finally, Schroder Investment Management Group acquired a new position in shares of Regal Rexnord during the fourth quarter valued at approximately $49,041,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

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.