Short Interest in Regal Rexnord Co. (NYSE:RRX) Grows By 21.5%

Regal Rexnord Co. (NYSE:RRX) was the target of a significant growth in short interest in November. As of November 15th, there was short interest totalling 1,300,000 shares, a growth of 21.5% from the October 31st total of 1,070,000 shares. Currently, 2.0% of the shares of the stock are short sold. Based on an average trading volume of 456,600 shares, the short-interest ratio is currently 2.8 days.

Insider Activity

In related news, CEO Louis V. Pinkham sold 8,774 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the completion of the transaction, the chief executive officer now directly owns 149,618 shares of the company’s stock, valued at approximately $26,935,728.54. This represents a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.82% of the company’s stock.

Institutional Trading of Regal Rexnord

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. purchased a new position in shares of Regal Rexnord during the 2nd quarter valued at about $1,173,000. PNC Financial Services Group Inc. raised its stake in shares of Regal Rexnord by 29.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock valued at $2,042,000 after buying an additional 2,783 shares during the last quarter. Natixis Advisors LLC raised its stake in shares of Regal Rexnord by 15.3% during the 3rd quarter. Natixis Advisors LLC now owns 86,933 shares of the company’s stock valued at $14,420,000 after buying an additional 11,568 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Regal Rexnord by 31.4% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,686 shares of the company’s stock valued at $2,662,000 after buying an additional 4,701 shares during the last quarter. Finally, Texas Permanent School Fund Corp raised its stake in shares of Regal Rexnord by 7.0% during the 2nd quarter. Texas Permanent School Fund Corp now owns 62,101 shares of the company’s stock valued at $8,397,000 after buying an additional 4,076 shares during the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on RRX. Citigroup began coverage on Regal Rexnord in a research note on Monday, October 14th. They issued a “buy” rating and a $200.00 price objective for the company. Barclays increased their price target on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Robert W. Baird reduced their price target on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Loop Capital reiterated a “buy” rating and issued a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. Finally, StockNews.com upgraded Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus target price of $193.00.

Regal Rexnord Stock Up 1.1 %

NYSE RRX traded up $1.91 during midday trading on Monday, hitting $174.62. 411,775 shares of the company traded hands, compared to its average volume of 455,191. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.45 and a quick ratio of 1.35. The company has a market cap of $11.56 billion, a PE ratio of 55.44, a price-to-earnings-growth ratio of 1.87 and a beta of 1.04. The company’s 50-day simple moving average is $170.84 and its 200-day simple moving average is $157.58. Regal Rexnord has a 52 week low of $122.49 and a 52 week high of $185.28.

Regal Rexnord (NYSE:RRX) last announced its earnings results on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.01. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The business’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.10 EPS. As a group, equities research analysts forecast that Regal Rexnord will post 9.25 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be given a $0.35 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.80%. Regal Rexnord’s payout ratio is 44.16%.

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.