Regal Rexnord (NYSE:RRX) Now Covered by Analysts at Citigroup

Citigroup assumed coverage on shares of Regal Rexnord (NYSE:RRX) in a research report sent to investors on Monday morning, Marketbeat reports. The brokerage issued a buy rating and a $200.00 price target on the stock.

Other equities analysts have also issued reports about the company. Raymond James assumed coverage on Regal Rexnord in a report on Friday, June 28th. They issued a “market perform” rating for the company. Barclays upped their target price on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Loop Capital restated a “buy” rating and issued a $200.00 target price on shares of Regal Rexnord in a research report on Thursday, September 19th. StockNews.com downgraded Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Tuesday, October 8th. Finally, KeyCorp cut their target price on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $193.63.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $176.54 on Monday. Regal Rexnord has a 12-month low of $97.18 and a 12-month high of $183.85. The firm has a market capitalization of $11.74 billion, a price-to-earnings ratio of -367.79, a price-to-earnings-growth ratio of 1.76 and a beta of 1.04. The business has a 50 day simple moving average of $162.49 and a 200 day simple moving average of $156.15. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.15. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the prior year, the company posted $2.56 EPS. The business’s revenue for the quarter was down 12.5% compared to the same quarter last year. On average, equities research analysts anticipate that Regal Rexnord will post 9.48 EPS for the current year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.79%. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

Institutional Investors Weigh In On Regal Rexnord

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Regal Rexnord by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock valued at $1,004,848,000 after acquiring an additional 24,847 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Regal Rexnord by 8.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 58,336 shares of the company’s stock valued at $10,515,000 after purchasing an additional 4,342 shares in the last quarter. Blair William & Co. IL lifted its holdings in shares of Regal Rexnord by 161.4% in the first quarter. Blair William & Co. IL now owns 7,770 shares of the company’s stock valued at $1,399,000 after purchasing an additional 4,798 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of Regal Rexnord by 18.6% in the first quarter. Westfield Capital Management Co. LP now owns 302,532 shares of the company’s stock valued at $54,486,000 after purchasing an additional 47,379 shares in the last quarter. Finally, Artemis Investment Management LLP purchased a new stake in shares of Regal Rexnord in the first quarter valued at $19,508,000. Institutional investors and hedge funds 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.