Regal Rexnord (NYSE:RRX) Hits New 12-Month High – Here’s What Happened

Regal Rexnord Corporation (NYSE:RRX)’s share price hit a new 52-week high on Tuesday . The company traded as high as $238.45 and last traded at $225.9020, with a volume of 433862 shares changing hands. The stock had previously closed at $219.88.

Analysts Set New Price Targets

Several research analysts recently weighed in on RRX shares. UBS Group set a $260.00 price objective on shares of Regal Rexnord in a research report on Monday, June 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Regal Rexnord in a research note on Tuesday, April 21st. Barclays boosted their target price on Regal Rexnord from $237.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday, March 23rd. DA Davidson assumed coverage on Regal Rexnord in a report on Tuesday, June 16th. They issued a “buy” rating and a $260.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $237.80.

Regal Rexnord Trading Up 3.5%

The stock has a market capitalization of $15.16 billion, a P/E ratio of 52.92, a PEG ratio of 2.06 and a beta of 1.11. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.17 and a quick ratio of 1.08. The business’s 50 day simple moving average is $210.92 and its 200-day simple moving average is $190.74.

Regal Rexnord (NYSE:RRX) last released its earnings results on Thursday, May 7th. The company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.43 billion. Regal Rexnord had a net margin of 4.78% and a return on equity of 9.49%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.15 EPS. As a group, analysts forecast that Regal Rexnord Corporation will post 10.64 EPS for the current year.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.6%. Regal Rexnord’s payout ratio is 32.56%.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $211.68, for a total value of $4,764,705.12. Following the transaction, the chief executive officer owned 56,749 shares of the company’s stock, valued at approximately $12,012,628.32. This represents a 28.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robin A. Walker-Lee sold 1,297 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $213.85, for a total value of $277,363.45. Following the transaction, the director owned 5,503 shares in the company, valued at approximately $1,176,816.55. This trade represents a 19.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 30,305 shares of company stock worth $6,341,869. 0.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in Regal Rexnord by 138.4% during the third 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 period. Bank of New York Mellon Corp raised its holdings in Regal Rexnord by 115.5% in the first quarter. Bank of New York Mellon Corp now owns 1,836,264 shares of the company’s stock worth $343,859,000 after purchasing an additional 984,185 shares during the period. Bessemer Group Inc. raised its holdings in Regal Rexnord by 4,155.4% in the first quarter. Bessemer Group Inc. now owns 916,054 shares of the company’s stock worth $171,541,000 after purchasing an additional 894,527 shares during the period. Norges Bank acquired a new stake in Regal Rexnord in the fourth quarter worth $121,301,000. Finally, Viking Global Investors LP boosted its position in shares of Regal Rexnord by 25.7% during the second quarter. Viking Global Investors LP now owns 3,430,128 shares of the company’s stock worth $497,231,000 after purchasing an additional 701,145 shares in the last quarter. Institutional investors 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.