Regal Rexnord (NYSE:RRX) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Regal Rexnord (NYSE:RRX) from a strong-buy rating to a buy rating in a report published on Saturday.

Several other brokerages also recently issued reports on RRX. Barclays increased their price target on Regal Rexnord from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, July 9th. Citigroup restated a “buy” rating and set a $165.00 target price (up from $145.00) on shares of Regal Rexnord in a research note on Tuesday, June 24th. The Goldman Sachs Group raised their target price on Regal Rexnord from $173.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, July 8th. KeyCorp set a $180.00 target price on Regal Rexnord and gave the company an “overweight” rating in a research note on Thursday, June 26th. Finally, Robert W. Baird raised their target price on Regal Rexnord from $167.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, May 7th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Regal Rexnord currently has a consensus rating of “Buy” and a consensus price target of $185.25.

Regal Rexnord Stock Up 0.8%

Shares of NYSE RRX opened at $146.72 on Friday. Regal Rexnord has a 12-month low of $90.56 and a 12-month high of $185.28. The company has a market cap of $9.74 billion, a P/E ratio of 39.02, a P/E/G ratio of 1.47 and a beta of 1.18. The company has a current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. The stock has a fifty day moving average price of $147.34 and a 200 day moving average price of $132.02.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.42 by $0.06. Regal Rexnord had a return on equity of 9.73% and a net margin of 4.28%. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the firm earned $2.29 EPS. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. Research analysts anticipate that Regal Rexnord will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 30th. Regal Rexnord’s dividend payout ratio (DPR) is 37.23%.

Hedge Funds Weigh In On Regal Rexnord

A number of hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. grew its stake in Regal Rexnord by 35.3% in the second quarter. Geneos Wealth Management Inc. now owns 299 shares of the company’s stock worth $43,000 after purchasing an additional 78 shares in the last quarter. Kovitz Investment Group Partners LLC grew its stake in Regal Rexnord by 3.8% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 2,382 shares of the company’s stock worth $370,000 after purchasing an additional 87 shares in the last quarter. Allworth Financial LP grew its stake in Regal Rexnord by 85.7% in the second quarter. Allworth Financial LP now owns 195 shares of the company’s stock worth $28,000 after purchasing an additional 90 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Regal Rexnord by 0.7% in the first quarter. Oregon Public Employees Retirement Fund now owns 13,549 shares of the company’s stock worth $1,543,000 after purchasing an additional 100 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in Regal Rexnord by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 18,700 shares of the company’s stock worth $2,711,000 after purchasing an additional 100 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

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.