Regal Rexnord (NYSE:RRX) Hits New 12-Month High – Here’s What Happened

Shares of Regal Rexnord Corporation (NYSE:RRX) reached a new 52-week high during trading on Tuesday . The stock traded as high as $238.45 and last traded at $225.9020, with a volume of 433862 shares trading hands. The stock had previously closed at $219.88.

Analysts Set New Price Targets

A number of research firms recently commented on RRX. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Regal Rexnord in a research report on Tuesday, April 21st. UBS Group set a $260.00 price objective on shares of Regal Rexnord in a report on Monday, June 15th. Barclays raised their target price on shares of Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, March 23rd. Wall Street Zen downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 28th. Finally, KeyCorp boosted their price target on Regal Rexnord from $255.00 to $265.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $237.80.

Regal Rexnord Stock Down 3.6%

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 stock’s 50-day simple moving average is $212.01 and its 200 day simple moving average is $191.88. The firm has a market cap of $15.29 billion, a P/E ratio of 53.40, a PEG ratio of 2.24 and a beta of 1.08.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.11 by $0.06. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the business earned $2.15 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. As a group, research analysts forecast that Regal Rexnord Corporation will post 10.64 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 0.6%. Regal Rexnord’s dividend payout ratio (DPR) is 32.56%.

Insider Activity

In other Regal Rexnord news, Director Robin A. Walker-Lee sold 1,297 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $213.85, for a total value of $277,363.45. Following the completion of the sale, the director directly owned 5,503 shares in the company, valued at approximately $1,176,816.55. This trade represents a 19.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Louis V. Pinkham sold 22,509 shares of Regal Rexnord stock in a transaction on Monday, May 11th. The shares were sold at an average price of $211.68, for a total transaction of $4,764,705.12. Following the completion of the sale, the chief executive officer directly owned 56,749 shares of the company’s stock, valued at approximately $12,012,628.32. This trade represents a 28.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,305 shares of company stock worth $6,341,869 in the last quarter. 0.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Regal Rexnord

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC raised its stake in Regal Rexnord by 208.1% during the 1st quarter. AQR Capital Management LLC now owns 17,747 shares of the company’s stock worth $2,011,000 after buying an additional 11,987 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of Regal Rexnord by 91.6% during the first quarter. Jones Financial Companies Lllp now owns 617 shares of the company’s stock valued at $70,000 after acquiring an additional 295 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings 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 in the last quarter. Cetera Investment Advisers raised its position in shares of Regal Rexnord by 6.7% during the second quarter. Cetera Investment Advisers now owns 3,116 shares of the company’s stock worth $452,000 after purchasing an additional 196 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Regal Rexnord during the second quarter worth approximately $4,759,000. 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.