Regal Rexnord (NYSE:RRX) Receives New Coverage from Analysts at Citigroup

Citigroup initiated coverage on shares of Regal Rexnord (NYSE:RRX) in a report published on Monday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $200.00 price objective on the stock.

A number of other brokerages have also issued reports on RRX. Raymond James began coverage on shares of Regal Rexnord in a research note on Friday, June 28th. They set a market perform rating on the stock. The Goldman Sachs Group upped their price target 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. StockNews.com lowered shares of Regal Rexnord from a buy rating to a hold rating in a research note on Tuesday, October 8th. Loop Capital restated a buy rating and set a $200.00 price target on shares of Regal Rexnord in a research note on Thursday, September 19th. Finally, Robert W. Baird upped their price target on shares of Regal Rexnord from $208.00 to $213.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $193.63.

Regal Rexnord Trading Up 3.6 %

NYSE RRX opened at $177.33 on Monday. The company has a quick ratio of 1.38, a current ratio of 2.45 and a debt-to-equity ratio of 0.91. The firm has a market cap of $11.80 billion, a PE ratio of -367.83, a price-to-earnings-growth ratio of 1.76 and a beta of 1.04. The company has a 50 day moving average price of $160.37 and a 200 day moving average price of $155.91. Regal Rexnord has a 52 week low of $97.18 and a 52 week high of $183.85.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $2.29 EPS for the quarter, topping the consensus estimate of $2.14 by $0.15. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.51 billion. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. Regal Rexnord’s revenue was down 12.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.56 EPS. As a group, sell-side analysts forecast that Regal Rexnord will post 9.48 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date was Friday, September 27th. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

Hedge Funds Weigh In On Regal Rexnord

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Regal Rexnord by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock worth $1,004,848,000 after purchasing an additional 24,847 shares during the last quarter. Capital World Investors lifted its stake in Regal Rexnord by 4.7% in the first quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock worth $1,188,615,000 after acquiring an additional 296,941 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in Regal Rexnord by 7.1% in the second quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock worth $430,255,000 after acquiring an additional 209,776 shares during the last quarter. Victory Capital Management Inc. lifted its stake in 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 acquiring an additional 563,853 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Regal Rexnord by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,422,350 shares of the company’s stock worth $192,338,000 after acquiring an additional 8,159 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

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.