Regal Rexnord (NYSE:RRX) Sets New 52-Week High on Analyst Upgrade

Regal Rexnord Corporation (NYSE:RRX) hit a new 52-week high during mid-day trading on Monday after KeyCorp raised their price target on the stock from $200.00 to $255.00. KeyCorp currently has an overweight rating on the stock. Regal Rexnord traded as high as $214.39 and last traded at $210.6740, with a volume of 25929 shares. The stock had previously closed at $200.00.

Other equities analysts have also issued research reports about the stock. Citigroup upped their price objective on shares of Regal Rexnord from $180.00 to $230.00 and gave the company a “buy” rating in a report on Monday. Robert W. Baird set a $253.00 price target on Regal Rexnord in a research note on Friday. Zacks Research raised Regal Rexnord from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 30th. Oppenheimer boosted their price objective on Regal Rexnord from $180.00 to $225.00 and gave the company an “outperform” rating in a report on Friday. Finally, JPMorgan Chase & Co. increased their target price on Regal Rexnord from $190.00 to $230.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $227.50.

Insider Activity at Regal Rexnord

In related news, Director Curtis W. Stoelting sold 4,500 shares of Regal Rexnord stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $180.00, for a total transaction of $810,000.00. Following the transaction, the director owned 15,617 shares of the company’s stock, valued at $2,811,060. The trade was a 22.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Louis V. Pinkham sold 35,935 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $146.20, for a total value of $5,253,697.00. Following the completion of the sale, the chief executive officer directly owned 103,262 shares of the company’s stock, valued at $15,096,904.40. The trade was a 25.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Regal Rexnord

A number of institutional investors have recently added to or reduced their stakes in RRX. Victory Capital Management Inc. lifted its position in shares of Regal Rexnord by 138.4% during the 3rd quarter. Victory Capital Management Inc. now owns 3,968,101 shares of the company’s stock worth $566,981,000 after buying an additional 2,303,373 shares in the last quarter. Viking Global Investors LP lifted its holdings in Regal Rexnord by 25.7% during the second quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock worth $497,231,000 after acquiring an additional 701,145 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Regal Rexnord by 14.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,398,921 shares of the company’s stock worth $344,103,000 after acquiring an additional 303,378 shares during the period. Nordea Investment Management AB boosted its position in Regal Rexnord by 30.7% in the third quarter. Nordea Investment Management AB now owns 2,028,936 shares of the company’s stock worth $289,083,000 after purchasing an additional 476,802 shares during the last quarter. Finally, Norges Bank bought a new position in Regal Rexnord in the 2nd quarter valued at $256,155,000. 99.72% of the stock is owned by institutional investors.

Regal Rexnord Trading Up 2.7%

The firm has a 50-day moving average price of $156.29 and a 200-day moving average price of $148.23. The company has a current ratio of 2.15, a quick ratio of 1.10 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $14.76 billion, a PE ratio of 52.94, a price-to-earnings-growth ratio of 2.01 and a beta of 1.13.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Thursday, February 5th. The company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.54 billion. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.34 earnings per share. As a group, equities analysts forecast that Regal Rexnord Corporation will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 31st will be paid a $0.35 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 0.6%. Regal Rexnord’s dividend payout ratio is presently 33.33%.

Regal Rexnord Company Profile

Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company’s operations are organized into multiple business segments that address distinct customer needs.