Regal Rexnord Corporation (NYSE:RRX) Short Interest Update

Regal Rexnord Corporation (NYSE:RRX) was the target of a large decrease in short interest during the month of January. As of January 30th, there was short interest totaling 2,329,092 shares, a decrease of 17.0% from the January 15th total of 2,807,447 shares. Approximately 3.5% of the company’s shares are sold short. Based on an average daily trading volume, of 651,080 shares, the short-interest ratio is currently 3.6 days. Based on an average daily trading volume, of 651,080 shares, the short-interest ratio is currently 3.6 days. Approximately 3.5% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RRX shares. Zacks Research upgraded Regal Rexnord from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 30th. Robert W. Baird set a $253.00 price target on Regal Rexnord in a research report on Friday, February 6th. Weiss Ratings restated a “hold (c)” rating on shares of Regal Rexnord in a report on Thursday, January 22nd. Jefferies Financial Group lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating and dropped their price objective for the company from $170.00 to $160.00 in a research note on Wednesday, December 10th. Finally, Oppenheimer lifted their price target on Regal Rexnord from $180.00 to $225.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Regal Rexnord presently has a consensus rating of “Moderate Buy” and an average target price of $227.50.

Regal Rexnord Price Performance

NYSE:RRX traded up $6.84 during mid-day trading on Monday, reaching $220.42. 1,051,917 shares of the company were exchanged, compared to its average volume of 1,303,565. The company has a fifty day moving average of $162.46 and a 200 day moving average of $150.03. The stock has a market cap of $14.63 billion, a PE ratio of 52.48, a PEG ratio of 2.05 and a beta of 1.13. Regal Rexnord has a 12 month low of $90.56 and a 12 month high of $229.30. The company has a quick ratio of 1.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.70.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data 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 business had revenue of $1.52 billion for 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%. Regal Rexnord’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.34 earnings per share. On average, research analysts anticipate that Regal Rexnord will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders 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 annualized dividend and a dividend yield of 0.6%. Regal Rexnord’s payout ratio is 33.33%.

Insider Transactions at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 36,728 shares of the stock in a transaction on Monday, February 9th. The shares were sold at an average price of $215.52, for a total value of $7,915,618.56. Following the completion of the sale, the chief executive officer owned 83,337 shares of the company’s stock, valued at $17,960,790.24. This represents a 30.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Cheryl Lewis sold 2,262 shares of the company’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $215.73, for a total transaction of $487,981.26. Following the completion of the transaction, the executive vice president directly owned 13,219 shares of the company’s stock, valued at approximately $2,851,734.87. The trade was a 14.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 87,129 shares of company stock worth $16,136,908 over the last ninety days. 0.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Regal Rexnord

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd increased its holdings in shares of Regal Rexnord by 81.6% during the fourth quarter. Covestor Ltd now owns 178 shares of the company’s stock worth $25,000 after purchasing an additional 80 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of Regal Rexnord by 135.1% during the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock valued at $25,000 after acquiring an additional 127 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Regal Rexnord during the 3rd quarter worth about $27,000. Garner Asset Management Corp bought a new stake in Regal Rexnord in the fourth quarter valued at approximately $27,000. Finally, IFP Advisors Inc increased its position in shares of Regal Rexnord by 34.0% during the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock worth $27,000 after buying an additional 49 shares during the period. 99.72% of the stock is owned by institutional investors.

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.