Short Interest in Regal Rexnord Co. (NYSE:RRX) Expands By 24.7%

by · The Cerbat Gem

Regal Rexnord Co. (NYSE:RRX – Get Free Report) was the target of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 1,870,000 shares, a growth of 24.7% from the March 15th total of 1,500,000 shares. Based on an average daily trading volume, of 711,200 shares, the short-interest ratio is currently 2.6 days. Approximately 2.8% of the company’s shares are sold short.

Regal Rexnord Trading Down 0.9 %

Shares of RRX traded down $0.92 during mid-day trading on Monday, reaching $97.47. The company’s stock had a trading volume of 755,315 shares, compared to its average volume of 531,937. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87. Regal Rexnord has a 52 week low of $90.56 and a 52 week high of $185.28. The company’s fifty day moving average price is $118.11 and its two-hundred day moving average price is $148.35. The stock has a market cap of $6.46 billion, a PE ratio of 33.04, a P/E/G ratio of 1.37 and a beta of 1.09.

Regal Rexnord (NYSE:RRX – Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $2.34 EPS for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. On average, analysts predict that Regal Rexnord will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 14th. Stockholders of record on Monday, March 31st were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.44%. Regal Rexnord’s payout ratio is 47.46%.

Analysts Set New Price Targets

RRX has been the subject of several research reports. Oppenheimer reduced their target price on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. StockNews.com downgraded Regal Rexnord from a “buy” rating to a “hold” rating in a report on Wednesday, April 16th. KeyCorp decreased their price target 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 decreased their target price on shares of Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating for the company in a research report on Wednesday, March 26th. Finally, The Goldman Sachs Group decreased their price objective on Regal Rexnord from $183.00 to $163.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $170.75.

View Our Latest Stock Analysis on RRX

Institutional Trading of Regal Rexnord

A number of hedge funds have recently bought and sold shares of RRX. Victory Capital Management Inc. lifted its position in Regal Rexnord by 20.1% during the fourth quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company’s stock valued at $337,712,000 after purchasing an additional 363,728 shares in the last quarter. Norges Bank bought a new stake in shares of Regal Rexnord during the 4th quarter valued at $235,188,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Regal Rexnord by 3.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,332,621 shares of the company’s stock worth $206,729,000 after buying an additional 42,704 shares during the period. Franklin Resources Inc. raised its holdings in Regal Rexnord by 7.2% during the third quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company’s stock valued at $204,254,000 after acquiring an additional 77,215 shares during the period. Finally, Nuveen Asset Management LLC boosted its stake in shares of Regal Rexnord by 79.8% in the fourth quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company’s stock worth $139,569,000 after acquiring an additional 399,267 shares during the period. Hedge funds and other 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.

Featured Stories