Regal Rexnord (NYSE:RRX) Price Target Raised to $210.00

Regal Rexnord (NYSE:RRX) had its price objective raised by Citigroup from $200.00 to $210.00 in a report published on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other equities analysts also recently issued reports on RRX. Wolfe Research set a $250.00 target price on Regal Rexnord in a research report on Thursday, July 9th. KeyCorp cut their price objective on shares of Regal Rexnord from $265.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. JPMorgan Chase & Co. reduced their target price on shares of Regal Rexnord from $240.00 to $196.00 and set an “overweight” rating for the company in a report on Friday, October 9th. Wall Street Zen upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Saturday, October 24th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Regal Rexnord in a report on Monday, July 20th. They issued a “buy” rating and a $286.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $231.33.

Regal Rexnord Stock Up 5.5%

Shares of RRX stock traded up $8.76 during trading hours on Wednesday, reaching $169.06. 1,212,691 shares of the company’s stock were exchanged, compared to its average volume of 1,119,230. Regal Rexnord has a 1 year low of $127.96 and a 1 year high of $247.80. The stock has a market cap of $11.26 billion, a PE ratio of 48.86, a PEG ratio of 1.28 and a beta of 1.09. The company has a current ratio of 2.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.66. The stock’s fifty day moving average price is $158.26 and its two-hundred day moving average price is $189.57.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $2.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.65 by $0.25. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.56 billion. Regal Rexnord had a net margin of 5.35% and a return on equity of 9.93%. Regal Rexnord’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.51 EPS. Research analysts predict that Regal Rexnord will post 10.73 EPS for the current year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 14th. Stockholders of record on Thursday, December 31st will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, December 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 presently 40.46%.

Hedge Funds Weigh In On Regal Rexnord

Institutional investors have recently made changes to their positions in the company. Moors & Cabot Inc. increased its holdings in Regal Rexnord by 6.8% in the third quarter. Moors & Cabot Inc. now owns 4,582 shares of the company’s stock valued at $711,000 after buying an additional 291 shares in the last quarter. Allworth Financial LP grew its position in shares of Regal Rexnord by 59.6% during the 3rd quarter. Allworth Financial LP now owns 442 shares of the company’s stock valued at $69,000 after acquiring an additional 165 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Regal Rexnord by 43.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 433,455 shares of the company’s stock valued at $67,240,000 after purchasing an additional 131,497 shares in the last quarter. Maryland State Retirement & Pension System increased its stake in shares of Regal Rexnord by 9.2% in the 3rd quarter. Maryland State Retirement & Pension System now owns 3,662 shares of the company’s stock valued at $568,000 after purchasing an additional 310 shares in the last quarter. Finally, Keybank National Association OH increased its stake in shares of Regal Rexnord by 8.3% in the 3rd quarter. Keybank National Association OH now owns 3,198 shares of the company’s stock valued at $496,000 after purchasing an additional 246 shares in the last quarter. 99.72% of the stock is owned by hedge funds and other institutional investors.

About Regal Rexnord

Regal Rexnord Corporation is an industrial manufacturing company that develops and produces electric motors, power transmission components, motion-control systems and other equipment used in industrial and commercial applications. Its products include motors, gearboxes, bearings, couplings, belts, chains, drives, clutches, brakes and related controls, as well as air-moving and power-management solutions.

The company serves customers across industries such as automation, material handling, food and beverage, renewable energy, heating and ventilation, agriculture, and general industrial production.