Regal Rexnord (NYSE:RRX) Upgraded to Strong-Buy at Wall Street Zen

Regal Rexnord (NYSE:RRX) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Saturday.

Several other brokerages have also commented on RRX. DA Davidson began coverage on shares of Regal Rexnord in a report on Tuesday, June 16th. They issued a “buy” rating and a $260.00 price objective for the company. Citigroup boosted their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Monday, April 13th. KeyCorp increased their price target on shares of Regal Rexnord from $255.00 to $265.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their price objective on shares of Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Regal Rexnord in a research report on Tuesday, April 21st. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $237.80.

Regal Rexnord Price Performance

Shares of Regal Rexnord stock opened at $218.39 on Friday. The company has a quick ratio of 1.08, a current ratio of 2.17 and a debt-to-equity ratio of 0.69. The company has a market cap of $14.54 billion, a PE ratio of 50.79, a P/E/G ratio of 2.05 and a beta of 1.08. The business has a 50 day moving average of $212.33 and a 200 day moving average of $192.54. Regal Rexnord has a 52 week low of $127.96 and a 52 week high of $247.80.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Thursday, May 7th. The company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The firm’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.15 earnings per share. As a group, equities research analysts forecast that Regal Rexnord will post 10.64 earnings per share for the current year.

Insider Activity

In other news, CFO Robert Rehard sold 6,499 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $200.00, for a total value of $1,299,800.00. Following the sale, the chief financial officer directly owned 27,965 shares of the company’s stock, valued at $5,593,000. This represents a 18.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robin A. Walker-Lee sold 1,297 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $213.85, for a total transaction of $277,363.45. Following the completion of the transaction, the director owned 5,503 shares of the company’s stock, valued at approximately $1,176,816.55. The trade was a 19.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 30,305 shares of company stock worth $6,341,869. Corporate insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On Regal Rexnord

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AIA Group Ltd bought a new position in shares of Regal Rexnord during the 3rd quarter valued at $1,477,000. JPMorgan Chase & Co. boosted its stake in shares of Regal Rexnord by 97.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 260,853 shares of the company’s stock worth $37,419,000 after buying an additional 128,468 shares during the last quarter. Schroder Investment Management Group grew its holdings in shares of Regal Rexnord by 27.9% in the third quarter. Schroder Investment Management Group now owns 384,560 shares of the company’s stock worth $55,384,000 after acquiring an additional 83,871 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Regal Rexnord by 42.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,793 shares of the company’s stock worth $3,619,000 after acquiring an additional 7,647 shares during the period. Finally, Easterly Investment Partners LLC increased its position in Regal Rexnord by 719.4% during the fourth quarter. Easterly Investment Partners LLC now owns 75,354 shares of the company’s stock valued at $10,574,000 after acquiring an additional 66,158 shares during the last quarter. Institutional investors own 99.72% of the company’s stock.

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.