Regal Rexnord (NYSE:RRX) Cut to “Hold” at StockNews.com

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

A number of other equities research analysts have also recently commented on the company. Robert W. Baird increased their target price on Regal Rexnord from $208.00 to $213.00 and gave the company an outperform rating in a report on Friday, August 2nd. Barclays decreased their price objective on Regal Rexnord from $181.00 to $180.00 and set an overweight rating on the stock in a report on Friday, August 2nd. Loop Capital restated a buy rating and set a $200.00 price objective on shares of Regal Rexnord in a report on Thursday. KeyCorp decreased their price objective on Regal Rexnord from $210.00 to $190.00 and set an overweight rating on the stock in a report on Monday, July 15th. Finally, Raymond James began coverage on Regal Rexnord in a report on Friday, June 28th. They set a market perform rating on the stock. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $191.29.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $169.67 on Thursday. The business’s fifty day moving average price is $156.45 and its two-hundred day moving average price is $156.91. 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 debt-to-equity ratio of 0.91, a quick ratio of 1.38 and a current ratio of 2.45. Regal Rexnord has a one year low of $97.18 and a one year high of $183.85.

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

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend is Friday, September 27th. Regal Rexnord’s payout ratio is currently -291.67%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Regal Rexnord by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock valued at $1,004,848,000 after acquiring an additional 24,847 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in Regal Rexnord by 8.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 58,336 shares of the company’s stock valued at $10,515,000 after purchasing an additional 4,342 shares during the period. Blair William & Co. IL raised its position in Regal Rexnord by 161.4% in the first 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 during the period. Westfield Capital Management Co. LP raised its position in Regal Rexnord by 18.6% in the first quarter. Westfield Capital Management Co. LP now owns 302,532 shares of the company’s stock valued at $54,486,000 after purchasing an additional 47,379 shares during the period. Finally, Artemis Investment Management LLP purchased a new position in Regal Rexnord in the first quarter valued at about $19,508,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

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.