Citigroup Issues Pessimistic Forecast for Regal Rexnord (NYSE:RRX) Stock Price

Regal Rexnord (NYSE:RRX) had its price objective dropped by Citigroup from $210.00 to $190.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 20.74% from the stock’s current price.

RRX has been the topic of several other research reports. StockNews.com upgraded shares of Regal Rexnord from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 8th. Loop Capital reissued a “buy” rating and issued a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. Barclays reduced their price objective on Regal Rexnord from $205.00 to $190.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. 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 target price on the stock. Finally, Robert W. Baird lowered their price target on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $202.00.

Regal Rexnord Price Performance

Shares of RRX opened at $157.36 on Tuesday. The company has a current ratio of 2.45, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87. The firm has a market cap of $10.42 billion, a price-to-earnings ratio of 49.64, a PEG ratio of 1.83 and a beta of 1.04. Regal Rexnord has a 52 week low of $130.94 and a 52 week high of $185.28. The stock has a 50 day moving average of $165.21 and a 200-day moving average of $161.12.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Monday, November 4th. The company reported $2.49 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.01. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The firm’s revenue was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.10 earnings per share. As a group, analysts forecast that Regal Rexnord will post 9.24 EPS for the current year.

Insider Buying and Selling

In related news, CEO Louis V. Pinkham sold 8,774 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the completion of the sale, the chief executive officer now directly owns 149,618 shares in the company, valued at approximately $26,935,728.54. This trade represents a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Regal Rexnord

Institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. acquired a new stake in shares of Regal Rexnord during the third quarter worth $83,460,000. Westfield Capital Management Co. LP raised its holdings in Regal Rexnord by 68.9% during the 3rd quarter. Westfield Capital Management Co. LP now owns 979,521 shares of the company’s stock worth $162,483,000 after buying an additional 399,649 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Regal Rexnord by 24.7% during the second quarter. The Manufacturers Life Insurance Company now owns 1,125,445 shares of the company’s stock valued at $152,183,000 after buying an additional 222,775 shares in the last quarter. Forest Avenue Capital Management LP boosted its holdings in shares of Regal Rexnord by 63.8% in the second quarter. Forest Avenue Capital Management LP now owns 262,910 shares of the company’s stock worth $35,551,000 after buying an additional 102,412 shares during the period. Finally, Millennium Management LLC increased its position in shares of Regal Rexnord by 1,108.9% in the second quarter. Millennium Management LLC now owns 96,819 shares of the company’s stock worth $13,092,000 after acquiring an additional 88,810 shares in the last quarter. Institutional investors and hedge funds 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.