Regal Rexnord (NYSE:RRX) Price Target Cut to $195.00 by Analysts at JPMorgan Chase & Co.

Regal Rexnord (NYSE:RRX) had its price target lowered by JPMorgan Chase & Co. from $196.00 to $195.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research analysts also recently weighed in on the company. Weiss Ratings downgraded Regal Rexnord from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday. Citigroup upped their price objective on Regal Rexnord from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Wednesday, November 4th. Wall Street Zen downgraded Regal Rexnord from a “buy” rating to a “hold” rating in a report on Saturday, November 7th. Deutsche Bank began coverage on Regal Rexnord in a report on Monday, July 20th. They issued a “buy” rating and a $286.00 price objective for the company. Finally, KeyCorp decreased their target price on shares of Regal Rexnord from $265.00 to $240.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $231.25.

Regal Rexnord Stock Up 1.8%

Shares of NYSE:RRX opened at $183.15 on Wednesday. The company has a 50 day moving average price of $159.67 and a two-hundred day moving average price of $189.92. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.15 and a current ratio of 2.21. The company has a market capitalization of $12.20 billion, a PE ratio of 52.93, a PEG ratio of 1.38 and a beta of 1.09. Regal Rexnord has a 52 week low of $127.96 and a 52 week high of $247.80.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.65 by $0.25. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Regal Rexnord had a return on equity of 10.28% and a net margin of 3.77%. Regal Rexnord’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.51 EPS. Analysts forecast that Regal Rexnord will post 10.76 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 14th. Stockholders of record on Thursday, December 31st will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Thursday, December 31st. Regal Rexnord’s payout ratio is presently 40.46%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Regal Rexnord in the 2nd quarter valued at $1,477,356,000. Wellington Management Group LLP lifted its position in shares of Regal Rexnord by 75.8% during the 2nd quarter. Wellington Management Group LLP now owns 2,584,056 shares of the company’s stock worth $615,496,000 after buying an additional 1,113,888 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Regal Rexnord in the second quarter valued at about $449,281,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Regal Rexnord in the second quarter valued at about $254,637,000. Finally, Bessemer Group Inc. boosted its stake in Regal Rexnord by 4,155.4% in the first quarter. Bessemer Group Inc. now owns 916,054 shares of the company’s stock valued at $171,541,000 after buying an additional 894,527 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

About Regal Rexnord

Regal Rexnord Corporation designs, manufactures and sells products and systems that transmit power, control motion and move materials. Its offerings include electric motors, gear drives, bearings, couplings, clutches, brakes, conveyor components and automation technologies. The company serves customers in a range of industries, including industrial manufacturing, food and beverage, energy, commercial buildings and residential applications. Its products are used in equipment and systems such as factory machinery, conveyors, HVAC systems and material-handling operations.