StockNews.com Lowers Regal Rexnord (NYSE:RRX) to Hold

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

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

Regal Rexnord Trading Down 2.6 %

NYSE RRX opened at $169.67 on Thursday. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $11.29 billion, a P/E ratio of -353.48, a PEG ratio of 1.64 and a beta of 1.04. The business has a fifty day simple moving average of $156.45 and a 200 day simple moving average of $156.84. Regal Rexnord has a 12 month low of $97.18 and a 12 month 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 the consensus estimate of $2.14 by $0.15. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the prior year, the company posted $2.56 earnings per share. The firm’s revenue for the quarter was down 12.5% on a year-over-year basis. On average, analysts predict that Regal Rexnord will post 9.53 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

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

Institutional Trading of Regal Rexnord

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank bought a new stake in shares of Regal Rexnord during the 4th quarter valued at $180,918,000. The Manufacturers Life Insurance Company increased its position in shares of Regal Rexnord by 167.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock valued at $140,374,000 after buying an additional 593,862 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Regal Rexnord by 42.7% in the second quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock worth $254,832,000 after buying an additional 563,853 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Regal Rexnord by 87.3% in the fourth quarter. Franklin Resources Inc. now owns 1,001,545 shares of the company’s stock worth $148,249,000 after buying an additional 466,820 shares in the last quarter. Finally, Schroder Investment Management Group bought a new position in shares of Regal Rexnord in the fourth quarter valued at approximately $49,041,000. Institutional investors own 99.72% of the company’s stock.

Regal Rexnord Company Profile

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.