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

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

A number of other research firms have also commented on RRX. Citigroup lowered their price objective on Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Barclays reduced their target price on Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating on the stock in a report on Wednesday, March 26th. Jefferies Financial Group started coverage on Regal Rexnord in a research note on Thursday, December 12th. They issued a “buy” rating and a $215.00 price target for the company. The Goldman Sachs Group reduced their price objective on shares of Regal Rexnord from $183.00 to $163.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, Oppenheimer decreased their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $170.75.

Regal Rexnord Stock Down 2.1 %

RRX stock opened at $93.77 on Tuesday. Regal Rexnord has a fifty-two week low of $90.56 and a fifty-two week high of $185.28. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of 31.79, a PEG ratio of 1.37 and a beta of 1.09. The business’s fifty day moving average price is $126.80 and its two-hundred day moving average price is $152.49.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Wednesday, February 5th. The company reported $2.34 EPS for the quarter, missing analysts’ consensus estimates of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. On average, equities analysts anticipate that Regal Rexnord will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be paid a $0.35 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.49%. Regal Rexnord’s payout ratio is currently 47.46%.

Hedge Funds Weigh In On Regal Rexnord

A number of institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Regal Rexnord during the fourth quarter worth $235,188,000. Nuveen Asset Management LLC boosted its holdings in shares of Regal Rexnord by 79.8% during the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company’s stock valued at $139,569,000 after acquiring an additional 399,267 shares in the last quarter. Victory Capital Management Inc. grew its position in Regal Rexnord by 20.1% during the 4th quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company’s stock worth $337,712,000 after acquiring an additional 363,728 shares during the last quarter. Cartenna Capital LP acquired a new position in Regal Rexnord in the 4th quarter worth about $55,900,000. Finally, Alyeska Investment Group L.P. raised its position in Regal Rexnord by 425.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company’s stock valued at $62,060,000 after purchasing an additional 323,904 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

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.