Regal Rexnord (NYSE:RRX) Price Target Cut to $199.00

Regal Rexnord (NYSE:RRX) had its price target lowered by Barclays from $203.00 to $199.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 26.54% from the company’s previous close.

RRX has been the topic of a number of other research reports. Robert W. Baird increased their price target on Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Wednesday. KeyCorp raised their price target on Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. Finally, Oppenheimer upped their price objective on shares of Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, March 13th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $195.60.

Regal Rexnord Price Performance

Shares of NYSE:RRX traded up $0.07 on Wednesday, hitting $157.26. The company had a trading volume of 270,989 shares, compared to its average volume of 462,661. The company has a current ratio of 2.55, a quick ratio of 1.59 and a debt-to-equity ratio of 1.00. The company has a market cap of $10.46 billion, a PE ratio of -180.27, 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 business has a 50 day moving average of $169.70 and a 200 day moving average of $146.61.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Monday, May 6th. The company reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.02. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The firm’s revenue for the quarter was up 26.4% compared to the same quarter last year. During the same period last year, the company earned $2.22 EPS. As a group, equities analysts anticipate that Regal Rexnord will post 10.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jerrald R. Morton sold 2,992 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $154.34, for a total transaction of $461,785.28. Following the sale, the executive vice president now directly owns 15,884 shares in the company, valued at approximately $2,451,536.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Regal Rexnord news, EVP Jerrald R. Morton sold 2,992 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $154.34, for a total value of $461,785.28. Following 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 link. Also, EVP Thomas E. Valentyn sold 647 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $169.70, for a total value of $109,795.90. Following the completion of the transaction, the executive vice president now owns 28,412 shares in the company, valued at approximately $4,821,516.40. The disclosure for this sale can be found here. In the last three months, insiders sold 5,570 shares of company stock valued at $892,301. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its stake in Regal Rexnord by 80.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock worth $75,382,000 after purchasing an additional 226,435 shares during the last quarter. Channing Capital Management LLC lifted its position in shares of Regal Rexnord by 7.7% in the 4th quarter. Channing Capital Management LLC now owns 84,383 shares of the company’s stock worth $12,490,000 after buying an additional 6,051 shares during the last quarter. Retirement Systems of Alabama lifted its position in shares of Regal Rexnord by 5.2% in the 4th quarter. Retirement Systems of Alabama now owns 159,126 shares of the company’s stock worth $23,554,000 after buying an additional 7,935 shares during the last quarter. WCM Investment Management LLC boosted its holdings in shares of Regal Rexnord by 56.8% in the 4th quarter. WCM Investment Management LLC now owns 144,139 shares of the company’s stock valued at $21,549,000 after buying an additional 52,214 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in Regal Rexnord by 13.5% during the third quarter. The Manufacturers Life Insurance Company now owns 354,484 shares of the company’s stock worth $50,649,000 after acquiring an additional 42,110 shares during the period. 99.72% of the stock is owned by institutional investors and hedge funds.

About Regal Rexnord

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.