Regal Rexnord (NYSE:RRX) Price Target Raised to $195.00

Regal Rexnord (NYSE:RRX) had its target price raised by The Goldman Sachs Group from $176.00 to $195.00 in a research report released on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts have also weighed in on RRX. StockNews.com lowered shares of Regal Rexnord from a buy rating to a hold rating in a report on Thursday, July 4th. Raymond James began coverage on shares of Regal Rexnord in a research note on Friday, June 28th. They issued a market perform rating on the stock. KeyCorp cut their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an overweight rating on the stock in a report on Monday, July 15th. Robert W. Baird raised their price objective on shares of Regal Rexnord from $208.00 to $213.00 and gave the stock an outperform rating in a report on Friday. Finally, Barclays dropped their price objective on shares of Regal Rexnord from $181.00 to $180.00 and set an overweight rating on the stock in a report on Friday. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $189.83.

Regal Rexnord Stock Down 2.6 %

NYSE:RRX traded down $3.96 during trading hours on Friday, reaching $147.08. The company’s stock had a trading volume of 452,310 shares, compared to its average volume of 460,034. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.56. Regal Rexnord has a one year low of $97.18 and a one year high of $183.85. The business’s 50-day moving average is $144.40 and its 200-day moving average is $155.43. The company has a market cap of $9.78 billion, a price-to-earnings ratio of -314.67, a price-to-earnings-growth ratio of 1.72 and a beta of 1.06.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.15. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. The business’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.56 earnings per share. Equities research analysts predict that Regal Rexnord will post 9.5 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RRX. Vanguard Group Inc. boosted its holdings in Regal Rexnord by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock valued at $1,004,848,000 after purchasing an additional 24,847 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Regal Rexnord by 80.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock valued at $75,382,000 after buying an additional 226,435 shares in the last quarter. Channing Capital Management LLC raised its position in shares of Regal Rexnord by 7.7% in the 4th quarter. Channing Capital Management LLC now owns 84,383 shares of the company’s stock valued at $12,490,000 after buying an additional 6,051 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Regal Rexnord by 8.0% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 58,336 shares of the company’s stock valued at $10,515,000 after buying an additional 4,342 shares in the last quarter. Finally, 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 buying an additional 4,798 shares in the last quarter. Institutional investors 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.