Regal Rexnord (NYSE:RRX) Given Buy Rating at Citigroup

by · The Cerbat Gem

Citigroup reiterated their buy rating on shares of Regal Rexnord (NYSE:RRX – Free Report) in a research note released on Tuesday, MarketBeat reports. They currently have a $165.00 price objective on the stock, up from their previous price objective of $145.00.

RRX has been the subject of several other research reports. KeyCorp reduced their target price on shares of Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Barclays increased their price objective on shares of Regal Rexnord from $155.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. Wall Street Zen upgraded Regal Rexnord from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 22nd. Robert W. Baird upped their target price on Regal Rexnord from $167.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, May 7th. Finally, The Goldman Sachs Group reduced their price objective on Regal Rexnord from $183.00 to $163.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Regal Rexnord presently has an average rating of “Buy” and an average price target of $180.63.

Check Out Our Latest Report on Regal Rexnord

Regal Rexnord Stock Up 2.6%

Shares of NYSE RRX opened at $147.38 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.26 and a quick ratio of 1.21. The company has a 50-day moving average price of $130.70 and a 200-day moving average price of $134.98. The stock has a market capitalization of $9.78 billion, a P/E ratio of 41.99, a P/E/G ratio of 1.47 and a beta of 1.16. Regal Rexnord has a 1 year low of $90.56 and a 1 year high of $185.28.

Regal Rexnord (NYSE:RRX – Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.33. Regal Rexnord had a return on equity of 9.67% and a net margin of 3.96%. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the business earned $2.00 EPS. The company’s quarterly revenue was down 8.4% on a year-over-year basis. On average, equities research analysts forecast that Regal Rexnord will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 0.95%. Regal Rexnord’s payout ratio is 39.89%.

Insider Activity at Regal Rexnord

In related news, CEO Louis V. Pinkham sold 10,593 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the sale, the chief executive officer now directly owns 175,954 shares in the company, valued at approximately $24,691,624.82. This represents a 5.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Regal Rexnord

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Regal Rexnord in the fourth quarter worth $235,188,000. Nuveen LLC bought a new position in Regal Rexnord in the 1st quarter worth about $117,996,000. Invesco Ltd. grew its holdings in Regal Rexnord by 76.3% during the 1st quarter. Invesco Ltd. now owns 932,829 shares of the company’s stock valued at $106,203,000 after buying an additional 403,845 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in Regal Rexnord by 79.8% during the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company’s stock valued at $139,569,000 after buying an additional 399,267 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Regal Rexnord by 30.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company’s stock valued at $194,955,000 after buying an additional 396,737 shares during the period. Institutional investors own 99.72% of the company’s stock.

About Regal Rexnord

(Get Free Report)

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.

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