Regal Rexnord (NYSE:RRX) Receives “Buy” Rating from Loop Capital

Loop Capital reiterated their buy rating on shares of Regal Rexnord (NYSE:RRX) in a research note published on Thursday morning, Benzinga reports. Loop Capital currently has a $200.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a buy rating in a research report on Friday, August 2nd. Barclays decreased their price target on Regal Rexnord from $181.00 to $180.00 and set an overweight rating for the company in a report on Friday, August 2nd. Raymond James initiated coverage on Regal Rexnord in a report on Friday, June 28th. They issued a market perform rating on the stock. KeyCorp cut their target price on Regal Rexnord from $210.00 to $190.00 and set an overweight rating on the stock in a research report on Monday, July 15th. Finally, StockNews.com raised Regal Rexnord from a hold rating to a buy rating in a report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Regal Rexnord presently has an average rating of Moderate Buy and an average target price of $191.29.

Regal Rexnord Price Performance

Shares of NYSE RRX opened at $174.41 on Thursday. 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 cap of $11.61 billion, a price-to-earnings ratio of -363.35, a price-to-earnings-growth ratio of 1.64 and a beta of 1.04. The stock’s 50-day moving average is $155.97 and its two-hundred day moving average is $157.00. Regal Rexnord has a 1-year low of $97.18 and a 1-year high of $183.85.

Regal Rexnord (NYSE:RRX) last released its earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the prior year, the firm earned $2.56 earnings per share. The business’s quarterly revenue was down 12.5% compared to the same quarter last year. Analysts forecast that Regal Rexnord will post 9.53 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.35 dividend. The ex-dividend date is Friday, September 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.80%. Regal Rexnord’s payout ratio is -291.67%.

Institutional Investors Weigh In On Regal Rexnord

Several hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC grew its stake in shares of Regal Rexnord by 14.3% in the 4th quarter. Private Advisor Group LLC now owns 1,620 shares of the company’s stock valued at $240,000 after purchasing an additional 203 shares during the last quarter. Norges Bank acquired a new stake in Regal Rexnord in the fourth quarter valued at about $180,918,000. Dynamic Technology Lab Private Ltd purchased a new stake in Regal Rexnord in the 4th quarter valued at approximately $325,000. Coldstream Capital Management Inc. increased its position in Regal Rexnord by 27.5% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,632 shares of the company’s stock worth $390,000 after purchasing an additional 567 shares during the period. Finally, Corient Private Wealth LLC raised its stake in shares of Regal Rexnord by 79.9% during the 4th quarter. Corient Private Wealth LLC now owns 8,318 shares of the company’s stock worth $1,231,000 after buying an additional 3,694 shares in 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.