Barclays Raises Regal Rexnord (NYSE:RRX) Price Target to $190.00

Regal Rexnord (NYSE:RRX) had its target price raised by analysts at Barclays from $180.00 to $190.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price suggests a potential upside of 15.01% from the company’s current price.

RRX has been the subject of a number of other reports. Loop Capital reissued a “buy” rating and issued a $200.00 price objective on shares of Regal Rexnord in a research note on Thursday, September 19th. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Monday. Raymond James started coverage on Regal Rexnord in a report on Friday, June 28th. They issued a “market perform” rating for the company. The Goldman Sachs Group upped their price objective on shares of Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, KeyCorp lowered their price target on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a report on Monday, July 15th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $192.71.

Regal Rexnord Price Performance

Shares of NYSE:RRX traded up $1.49 on Wednesday, hitting $165.21. The company’s stock had a trading volume of 136,085 shares, compared to its average volume of 453,474. The company has a 50-day simple moving average of $158.54 and a 200 day simple moving average of $156.55. Regal Rexnord has a 1 year low of $97.18 and a 1 year high of $183.85. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38. The company has a market capitalization of $10.99 billion, a PE ratio of -343.15, a PEG ratio of 1.76 and a beta of 1.04.

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 company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The firm’s revenue for the quarter was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.56 earnings per share. Sell-side analysts forecast that Regal Rexnord will post 9.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Regal Rexnord

A number of hedge funds have recently modified their holdings of RRX. TD Asset Management Inc raised its stake in Regal Rexnord by 128.4% in the fourth quarter. TD Asset Management Inc now owns 8,227 shares of the company’s stock valued at $1,218,000 after buying an additional 4,625 shares during the period. Stifel Financial Corp lifted its stake in Regal Rexnord by 32.2% during the fourth quarter. Stifel Financial Corp now owns 61,496 shares of the company’s stock worth $9,103,000 after purchasing an additional 14,963 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in Regal Rexnord by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 171,666 shares of the company’s stock worth $25,410,000 after purchasing an additional 2,153 shares in the last quarter. First Trust Advisors LP increased its position in Regal Rexnord by 33.6% in the 4th quarter. First Trust Advisors LP now owns 231,748 shares of the company’s stock valued at $34,303,000 after acquiring an additional 58,261 shares during the period. Finally, Capital International Sarl boosted its position in shares of Regal Rexnord by 12.9% during the fourth quarter. Capital International Sarl now owns 20,450 shares of the company’s stock valued at $3,027,000 after buying an additional 2,332 shares during the last quarter. 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.