Regal Rexnord (NYSE:RRX) Upgraded to Buy by StockNews.com

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

A number of other equities research analysts also recently issued reports on RRX. Raymond James began coverage on shares of Regal Rexnord in a research report on Friday, June 28th. They set a “market perform” rating for the company. Robert W. Baird lifted their price target on Regal Rexnord from $208.00 to $213.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Citigroup started coverage on shares of Regal Rexnord in a report on Monday. They issued a “buy” rating and a $200.00 price target on the stock. Barclays lifted their price objective on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Finally, The Goldman Sachs Group raised their price target on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Regal Rexnord has a consensus rating of “Moderate Buy” and a consensus price target of $193.63.

Regal Rexnord Stock Up 2.2 %

Shares of NYSE:RRX opened at $178.07 on Wednesday. The company has a market cap of $11.84 billion, a price-to-earnings ratio of -370.97, a PEG ratio of 1.76 and a beta of 1.04. Regal Rexnord has a fifty-two week low of $97.18 and a fifty-two week high of $183.85. The firm’s 50-day simple moving average is $162.07 and its 200-day simple moving average is $156.00. 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 (NYSE:RRX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.14 by $0.15. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period last year, the firm earned $2.56 EPS. The company’s quarterly revenue was down 12.5% compared to the same quarter last year. As a group, equities research analysts predict that Regal Rexnord will post 9.48 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $1.40 dividend on an annualized basis and a yield of 0.79%. Regal Rexnord’s payout ratio is -291.67%.

Institutional Trading of Regal Rexnord

Several institutional investors have recently made changes to their positions in RRX. Vanguard Group Inc. raised its holdings in shares of Regal Rexnord by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock worth $1,004,848,000 after purchasing an additional 24,847 shares during the period. CANADA LIFE ASSURANCE Co increased its holdings in Regal Rexnord by 8.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 58,336 shares of the company’s stock worth $10,515,000 after purchasing an additional 4,342 shares during the last quarter. Blair William & Co. IL raised its position in shares of Regal Rexnord by 161.4% in the 1st quarter. Blair William & Co. IL now owns 7,770 shares of the company’s stock valued at $1,399,000 after purchasing an additional 4,798 shares in the last quarter. Westfield Capital Management Co. LP boosted its stake in shares of Regal Rexnord by 18.6% during the 1st quarter. Westfield Capital Management Co. LP now owns 302,532 shares of the company’s stock valued at $54,486,000 after buying an additional 47,379 shares during the last quarter. Finally, Artemis Investment Management LLP bought a new position in Regal Rexnord during the 1st quarter valued at $19,508,000. 99.72% of the stock is owned by hedge funds and other institutional investors.

About Regal Rexnord

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.