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

Regal Rexnord (NYSE:RRX) had its price objective lowered by Barclays from $205.00 to $190.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also weighed in on RRX. Robert W. Baird dropped their price objective on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Jefferies Financial Group assumed coverage on Regal Rexnord in a research report on Thursday, December 12th. They set a “buy” rating and a $215.00 price target on the stock. Loop Capital restated a “buy” rating and set a $200.00 price objective on shares of Regal Rexnord in a research note on Thursday, September 19th. The Goldman Sachs Group raised their price objective on Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, StockNews.com upgraded Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $203.25.

Regal Rexnord Stock Performance

Shares of RRX opened at $149.36 on Wednesday. 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 fifty day simple moving average of $166.70 and a 200 day simple moving average of $160.52. Regal Rexnord has a 12 month low of $130.94 and a 12 month high of $185.28. The stock has a market capitalization of $9.89 billion, a price-to-earnings ratio of 47.12, a PEG ratio of 1.83 and a beta of 1.04.

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

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.94%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord’s payout ratio is presently 44.16%.

Insiders Place Their Bets

In other news, CEO Louis V. Pinkham sold 8,774 shares of Regal Rexnord stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $180.03, for a total value of $1,579,583.22. Following the completion of the transaction, the chief executive officer now directly owns 149,618 shares of the company’s stock, valued at approximately $26,935,728.54. This trade represents a 5.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. bought a new stake in Regal Rexnord in the 3rd quarter valued at about $83,460,000. Westfield Capital Management Co. LP increased its position in Regal Rexnord by 68.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 979,521 shares of the company’s stock valued at $162,483,000 after buying an additional 399,649 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Regal Rexnord by 24.7% in the 2nd 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. Diamond Hill Capital Management Inc. boosted its stake in Regal Rexnord by 7.1% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock valued at $430,255,000 after purchasing an additional 209,776 shares during the last quarter. Finally, Forest Avenue Capital Management LP boosted its stake in Regal Rexnord by 63.8% during the 2nd quarter. Forest Avenue Capital Management LP now owns 262,910 shares of the company’s stock valued at $35,551,000 after purchasing an additional 102,412 shares during the last quarter. 99.72% of the stock is owned by institutional investors.

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.