Regal Rexnord (NYSE:RRX) Coverage Initiated by Analysts at DA Davidson

Equities research analysts at DA Davidson started coverage on shares of Regal Rexnord (NYSE:RRX) in a report issued on Tuesday. The firm set a “buy” rating and a $260.00 price target on the stock. DA Davidson’s target price would suggest a potential upside of 18.53% from the stock’s current price.

A number of other research firms have also issued reports on RRX. Barclays raised their target price on shares of Regal Rexnord from $237.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, March 23rd. UBS Group set a $260.00 price target on shares of Regal Rexnord in a report on Monday. JPMorgan Chase & Co. increased their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Citigroup increased their price target on shares of Regal Rexnord from $230.00 to $240.00 and gave the company a “buy” rating in a report on Monday, April 13th. Finally, Wall Street Zen downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 28th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Regal Rexnord has a consensus rating of “Moderate Buy” and an average target price of $237.80.

Regal Rexnord Stock Performance

NYSE:RRX opened at $219.35 on Tuesday. Regal Rexnord has a 1 year low of $127.96 and a 1 year high of $236.35. The firm’s fifty day simple moving average is $205.99 and its 200 day simple moving average is $185.20. The company has a current ratio of 2.17, a quick ratio of 1.08 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $14.60 billion, a PE ratio of 51.01, a PEG ratio of 2.00 and a beta of 1.11.

Regal Rexnord (NYSE:RRX) last posted its earnings results 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 net margin of 4.78% and a return on equity of 9.49%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period last year, the business posted $2.15 EPS. Regal Rexnord’s revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Regal Rexnord will post 10.63 EPS for the current year.

Insider Buying and Selling at Regal Rexnord

In other Regal Rexnord news, Director Robin A. Walker-Lee sold 1,297 shares of the 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 of the company’s stock, valued at $1,176,816.55. This represents a 19.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert Rehard sold 6,499 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the transaction, the chief financial officer directly owned 27,965 shares of the company’s stock, valued at $5,593,000. The trade was a 18.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,305 shares of company stock valued at $6,341,869 in the last ninety days. Company insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On Regal Rexnord

Hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its holdings in Regal Rexnord by 138.4% during the 3rd quarter. Victory Capital Management Inc. now owns 3,968,101 shares of the company’s stock valued at $566,981,000 after purchasing an additional 2,303,373 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Regal Rexnord by 115.5% during the 1st quarter. Bank of New York Mellon Corp now owns 1,836,264 shares of the company’s stock valued at $343,859,000 after purchasing an additional 984,185 shares during the last quarter. Bessemer Group Inc. lifted its holdings in Regal Rexnord by 4,155.4% during the 1st quarter. Bessemer Group Inc. now owns 916,054 shares of the company’s stock valued at $171,541,000 after purchasing an additional 894,527 shares during the last quarter. Norges Bank bought a new position in Regal Rexnord during the 4th quarter valued at about $121,301,000. Finally, Viking Global Investors LP lifted its holdings in Regal Rexnord by 25.7% during the 2nd quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock valued at $497,231,000 after purchasing an additional 701,145 shares during the last quarter. 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.