Regal Rexnord (NYSE:RRX) Shares Gap Down to $168.85

Regal Rexnord Co. (NYSE:RRX)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $168.85, but opened at $152.00. Regal Rexnord shares last traded at $161.99, with a volume of 80,890 shares.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RRX. Robert W. Baird increased their price target on Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a report on Wednesday. Barclays decreased their price objective on Regal Rexnord from $203.00 to $199.00 and set an “overweight” rating for the company in a report on Wednesday. KeyCorp upped their target price on Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a report on Monday, March 25th. Finally, Oppenheimer raised their price target on Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, March 13th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $195.60.

Regal Rexnord Price Performance

The company has a quick ratio of 1.59, a current ratio of 2.55 and a debt-to-equity ratio of 1.00. The business has a fifty day moving average of $169.23 and a 200 day moving average of $146.78. The firm has a market cap of $10.71 billion, a P/E ratio of -185.06, a PEG ratio of 1.64 and a beta of 1.16.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same period in the previous year, the firm earned $2.22 EPS. The firm’s revenue was up 26.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Regal Rexnord Co. will post 10.05 earnings per share for the current year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date is Friday, June 28th. Regal Rexnord’s dividend payout ratio is presently -160.92%.

Insider Activity at Regal Rexnord

In other news, EVP Jerrald R. Morton sold 2,992 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $154.34, for a total transaction of $461,785.28. Following the transaction, the executive vice president now owns 15,884 shares in the company, valued at $2,451,536.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Regal Rexnord news, EVP Thomas E. Valentyn sold 647 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total transaction of $109,795.90. Following the transaction, the executive vice president now owns 28,412 shares in the company, valued at approximately $4,821,516.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jerrald R. Morton sold 2,992 shares of Regal Rexnord stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $154.34, for a total transaction of $461,785.28. Following the completion of the sale, the executive vice president now owns 15,884 shares of the company’s stock, valued at $2,451,536.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,570 shares of company stock worth $892,301. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Regal Rexnord

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in Regal Rexnord by 2.1% in the third quarter. FMR LLC now owns 8,978,384 shares of the company’s stock valued at $1,282,831,000 after purchasing an additional 181,889 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Regal Rexnord by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock valued at $1,004,848,000 after buying an additional 24,847 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Regal Rexnord by 4.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,532,578 shares of the company’s stock worth $522,892,000 after acquiring an additional 135,154 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Regal Rexnord by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,397,492 shares of the company’s stock worth $206,862,000 after acquiring an additional 30,688 shares in the last quarter. Finally, Norges Bank bought a new position in Regal Rexnord in the fourth quarter valued at approximately $180,918,000. 99.72% of the stock is owned by institutional investors and hedge funds.

Regal Rexnord Company Profile

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.