Regal Rexnord (NYSE:RRX) Given New $208.00 Price Target at Robert W. Baird

Regal Rexnord (NYSE:RRX) had its target price lifted by Robert W. Baird from $205.00 to $208.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other brokerages also recently issued reports on RRX. Barclays lifted their price objective on shares of Regal Rexnord from $200.00 to $203.00 and gave the stock an overweight rating in a research report on Tuesday, April 2nd. KeyCorp raised their target price on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an overweight rating in a research note on Monday, March 25th. Finally, Oppenheimer upped their price target on Regal Rexnord from $185.00 to $210.00 and gave the stock an outperform rating in a research report on Wednesday, March 13th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Regal Rexnord presently has a consensus rating of Moderate Buy and a consensus target price of $195.60.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $158.88 on Wednesday. The firm has a market cap of $10.57 billion, a price-to-earnings ratio of -180.86, a PEG ratio of 1.64 and a beta of 1.16. Regal Rexnord has a 52-week low of $97.18 and a 52-week high of $183.85. The company has a quick ratio of 1.59, a current ratio of 2.55 and a debt-to-equity ratio of 1.00. The company’s 50 day moving average is $169.44 and its 200 day moving average is $146.68.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same period in the prior year, the business posted $2.22 EPS. The firm’s quarterly revenue was up 26.4% on a year-over-year basis. On average, sell-side analysts anticipate that Regal Rexnord will post 10.05 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Friday, June 28th. Regal Rexnord’s dividend payout ratio is presently -160.92%.

Insider Buying and Selling at Regal Rexnord

In related news, EVP Jerrald R. Morton sold 2,992 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $154.34, for a total value of $461,785.28. Following the completion of the transaction, the executive vice president now owns 15,884 shares in the company, valued at approximately $2,451,536.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Thomas E. Valentyn sold 647 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total value of $109,795.90. Following the sale, the executive vice president now directly owns 28,412 shares of the company’s stock, valued at approximately $4,821,516.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jerrald R. Morton sold 2,992 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $154.34, for a total transaction of $461,785.28. Following the completion of the sale, the executive vice president now owns 15,884 shares in the company, valued at approximately $2,451,536.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,570 shares of company stock worth $892,301. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Regal Rexnord

Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Regal Rexnord in the 4th quarter worth approximately $180,918,000. Third Point LLC purchased a new stake in Regal Rexnord during the third quarter worth $92,872,000. The Manufacturers Life Insurance Company grew its position in Regal Rexnord by 167.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 948,346 shares of the company’s stock valued at $140,374,000 after buying an additional 593,862 shares during the period. William Blair Investment Management LLC purchased a new position in Regal Rexnord in the third quarter valued at $71,899,000. Finally, Franklin Resources Inc. raised its position in shares of Regal Rexnord by 87.3% in the fourth quarter. Franklin Resources Inc. now owns 1,001,545 shares of the company’s stock worth $148,249,000 after acquiring an additional 466,820 shares during the period. 99.72% of the stock is owned by hedge funds and other institutional investors.

Regal Rexnord Company Profile

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.