Regal Rexnord Corporation (NYSE:RRX) Short Interest Update

Regal Rexnord Corporation (NYSE:RRX) was the target of a significant decrease in short interest during the month of March. As of March 13th, there was short interest totaling 1,781,433 shares, a decrease of 16.4% from the February 26th total of 2,130,409 shares. Based on an average daily trading volume, of 1,365,267 shares, the short-interest ratio is presently 1.3 days. Approximately 2.7% of the shares of the company are sold short.

Analyst Ratings Changes

Several research firms have recently commented on RRX. Jefferies Financial Group cut Regal Rexnord from a “buy” rating to a “hold” rating and cut their price target for the stock from $170.00 to $160.00 in a research note on Wednesday, December 10th. Robert W. Baird set a $253.00 price objective on shares of Regal Rexnord in a research note on Friday, February 6th. Weiss Ratings restated a “hold (c)” rating on shares of Regal Rexnord in a research report on Thursday, January 22nd. 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 research note on Monday, March 23rd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Regal Rexnord from $190.00 to $230.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $228.50.

Regal Rexnord Price Performance

Shares of NYSE RRX traded up $9.11 during trading on Tuesday, hitting $187.30. 1,111,452 shares of the company were exchanged, compared to its average volume of 1,111,289. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.15 and a quick ratio of 1.10. Regal Rexnord has a 1 year low of $90.56 and a 1 year high of $229.30. The company has a market cap of $12.47 billion, a price-to-earnings ratio of 44.59, a PEG ratio of 1.70 and a beta of 1.05. The firm’s fifty day moving average price is $193.61 and its 200 day moving average price is $161.43.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Thursday, February 5th. The company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.34 earnings per share. On average, sell-side analysts expect that Regal Rexnord will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, March 31st. Regal Rexnord’s dividend payout ratio (DPR) is presently 33.33%.

Insider Buying and Selling at Regal Rexnord

In related news, CFO Robert Rehard sold 968 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $223.00, for a total value of $215,864.00. Following the transaction, the chief financial officer owned 34,447 shares in the company, valued at $7,681,681. The trade was a 2.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Cheryl Lewis sold 2,262 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $215.73, for a total value of $487,981.26. Following the sale, the executive vice president directly owned 13,219 shares of the company’s stock, valued at approximately $2,851,734.87. This represents a 14.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 53,451 shares of company stock worth $11,386,689 over the last three months. 0.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Regal Rexnord

A number of institutional investors and hedge funds have recently modified their holdings of RRX. Covestor Ltd boosted its position in Regal Rexnord by 81.6% during the fourth quarter. Covestor Ltd now owns 178 shares of the company’s stock worth $25,000 after purchasing an additional 80 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of Regal Rexnord by 135.1% in the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock valued at $25,000 after buying an additional 127 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Regal Rexnord during the 3rd quarter worth $27,000. Garner Asset Management Corp acquired a new position in shares of Regal Rexnord during the 4th quarter worth $27,000. Finally, IFP Advisors Inc boosted its position in shares of Regal Rexnord by 34.0% in the 4th quarter. IFP Advisors Inc now owns 193 shares of the company’s stock worth $27,000 after buying an additional 49 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

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.