Regal Rexnord (NYSE:RRX) Earns Buy Rating from Citigroup

Regal Rexnord (NYSE:RRX)‘s stock had its “buy” rating reissued by research analysts at Citigroup in a research note issued on Tuesday, Marketbeat Ratings reports. They presently have a $165.00 price target on the stock, up from their previous price target of $145.00. Citigroup’s price objective points to a potential upside of 13.19% from the stock’s previous close.

Several other equities analysts have also recently weighed in on RRX. Wall Street Zen upgraded Regal Rexnord from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 22nd. KeyCorp cut their target price on shares of Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. The Goldman Sachs Group decreased their price target on shares of Regal Rexnord from $183.00 to $163.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Robert W. Baird lifted their price objective on shares of Regal Rexnord from $167.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 7th. Finally, Barclays lifted their price target on Regal Rexnord from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Regal Rexnord currently has a consensus rating of “Buy” and an average target price of $180.63.

Regal Rexnord Price Performance

Shares of Regal Rexnord stock traded up $2.15 on Tuesday, hitting $145.78. 13,567 shares of the company traded hands, compared to its average volume of 582,552. Regal Rexnord has a 52 week low of $90.56 and a 52 week high of $185.28. The business has a 50-day simple moving average of $129.72 and a 200 day simple moving average of $135.14. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.21 and a current ratio of 2.26. The stock has a market capitalization of $9.67 billion, a P/E ratio of 41.40, a price-to-earnings-growth ratio of 1.49 and a beta of 1.16.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Monday, May 5th. The company reported $2.15 EPS for the quarter, topping the consensus estimate of $1.82 by $0.33. Regal Rexnord had a net margin of 3.96% and a return on equity of 9.67%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the company earned $2.00 EPS. The business’s quarterly revenue was down 8.4% compared to the same quarter last year. Research analysts expect that Regal Rexnord will post 9.95 earnings per share for the current fiscal year.

Insider Activity

In other Regal Rexnord news, CEO Louis V. Pinkham sold 10,593 shares of the business’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $140.33, for a total value of $1,486,515.69. Following the completion of the transaction, the chief executive officer now directly owns 175,954 shares in the company, valued at approximately $24,691,624.82. The trade was a 5.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Regal Rexnord

A number of large investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Regal Rexnord in the fourth quarter worth about $235,188,000. Nuveen LLC purchased a new position in Regal Rexnord during the first quarter worth approximately $117,996,000. Invesco Ltd. increased its position in shares of Regal Rexnord by 76.3% in the first quarter. Invesco Ltd. now owns 932,829 shares of the company’s stock valued at $106,203,000 after buying an additional 403,845 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Regal Rexnord by 79.8% during the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company’s stock worth $139,569,000 after buying an additional 399,267 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Regal Rexnord by 30.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,712,297 shares of the company’s stock valued at $194,955,000 after buying an additional 396,737 shares in the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

About Regal Rexnord

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.