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

Regal Rexnord Co. (NYSE:RRX)’s stock price gapped down prior to trading 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.

Analysts Set New Price Targets

RRX has been the subject of several research reports. KeyCorp increased their price objective on Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a report on Monday, March 25th. 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. Robert W. Baird upped their price objective on shares of Regal Rexnord from $205.00 to $208.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Oppenheimer lifted their target price on shares of Regal Rexnord from $185.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 13th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $195.60.

Regal Rexnord Price Performance

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

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Monday, May 6th. The company reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.56 billion. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The company’s revenue for the quarter was up 26.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.22 earnings per share. As a group, research analysts predict that Regal Rexnord Co. will post 10.05 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.40 annualized dividend and a dividend yield of 0.87%. Regal Rexnord’s payout ratio is currently -160.92%.

Insider Buying and Selling

In other news, EVP Thomas E. Valentyn sold 647 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $169.70, for a total transaction of $109,795.90. Following the completion of the transaction, the executive vice president now owns 28,412 shares of the company’s stock, valued at $4,821,516.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Thomas E. Valentyn sold 647 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total value of $109,795.90. Following the completion of the transaction, the executive vice president now directly owns 28,412 shares in the company, valued at $4,821,516.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thomas E. Valentyn sold 1,931 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $166.09, for a total value of $320,719.79. Following the sale, the executive vice president now owns 27,180 shares in the company, valued at approximately $4,514,326.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,570 shares of company stock worth $892,301. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of Regal Rexnord

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

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.