Regal Rexnord Corporation (NYSE:RRX) Short Interest Update

Regal Rexnord Corporation (NYSE:RRX) was the recipient of a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 1,781,433 shares, a decline of 16.4% from the February 26th total of 2,130,409 shares. Currently, 2.7% of the company’s shares are sold short. Based on an average daily volume of 1,365,267 shares, the days-to-cover ratio is presently 1.3 days.

Regal Rexnord Stock Down 0.0%

Shares of RRX opened at $183.35 on Monday. The firm has a fifty day moving average price of $193.26 and a 200-day moving average price of $161.20. 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 firm has a market capitalization of $12.21 billion, a P/E ratio of 43.66, a P/E/G ratio of 1.70 and a beta of 1.05. Regal Rexnord has a 12-month low of $90.56 and a 12-month high of $229.30.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Thursday, February 5th. The company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm posted $2.34 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. Equities research analysts expect that Regal Rexnord will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. Regal Rexnord’s dividend payout ratio (DPR) is 33.33%.

Insider Buying and Selling

In other Regal Rexnord news, Director Curtis W. Stoelting sold 4,500 shares of Regal Rexnord stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $180.00, for a total transaction of $810,000.00. Following the completion of the transaction, the director directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert Rehard sold 7,704 shares of the business’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $216.72, for a total transaction of $1,669,610.88. Following the transaction, the chief financial officer owned 34,154 shares in the company, valued at $7,401,854.88. This trade represents a 18.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 53,451 shares of company stock worth $11,386,689. 0.63% of the stock is owned by company insiders.

Institutional Trading of Regal Rexnord

A number of large investors have recently modified their holdings of the company. Victory Capital Management Inc. increased its holdings in 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 purchasing an additional 2,303,373 shares during the period. Norges Bank purchased a new stake in shares of Regal Rexnord in the 2nd quarter worth $256,155,000. Viking Global Investors LP grew its position in shares of Regal Rexnord by 25.7% during the 2nd quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock worth $497,231,000 after buying an additional 701,145 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Regal Rexnord by 30.7% during the third quarter. Nordea Investment Management AB now owns 2,028,936 shares of the company’s stock valued at $289,083,000 after buying an additional 476,802 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Regal Rexnord by 27.1% during the fourth quarter. Invesco Ltd. now owns 1,905,828 shares of the company’s stock valued at $267,426,000 after buying an additional 405,828 shares during the period. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RRX shares. Jefferies Financial Group lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating and lowered their target price for the stock from $170.00 to $160.00 in a report on Wednesday, December 10th. Barclays increased their price objective on shares of Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday, March 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research note on Thursday, January 22nd. The Goldman Sachs Group boosted their target price on Regal Rexnord from $170.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Finally, Oppenheimer upped their target price on Regal Rexnord from $180.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $228.50.

About Regal Rexnord

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.