Regal Rexnord’s (RRX) “Buy” Rating Reiterated at Loop Capital

Loop Capital reaffirmed their buy rating on shares of Regal Rexnord (NYSE:RRX) in a research report sent to investors on Thursday morning, Benzinga reports. Loop Capital currently has a $200.00 price objective on the stock.

RRX has been the subject of a number of other research reports. StockNews.com raised shares of Regal Rexnord from a hold rating to a buy rating in a research note on Monday, August 5th. The Goldman Sachs Group upped their price objective on Regal Rexnord from $176.00 to $195.00 and gave the stock a buy rating in a research note on Friday, August 2nd. Raymond James started coverage on Regal Rexnord in a research report on Friday, June 28th. They set a market perform rating on the stock. Robert W. Baird raised their price objective on Regal Rexnord from $208.00 to $213.00 and gave the company an outperform rating in a research report on Friday, August 2nd. Finally, Barclays dropped their price objective on Regal Rexnord from $181.00 to $180.00 and set an overweight rating on the stock in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Regal Rexnord has a consensus rating of Moderate Buy and an average price target of $191.29.

Regal Rexnord Stock Performance

Shares of NYSE:RRX opened at $169.67 on Thursday. The firm has a market cap of $11.29 billion, a PE ratio of -353.48, a price-to-earnings-growth ratio of 1.64 and a beta of 1.04. The firm’s 50 day simple moving average is $156.45 and its 200-day simple moving average is $156.91. Regal Rexnord has a one year low of $97.18 and a one year high of $183.85. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.38 and a current ratio of 2.45.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Wednesday, July 31st. The company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.15. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.51 billion. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. The company’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same period last year, the company posted $2.56 earnings per share. As a group, equities analysts predict that Regal Rexnord will post 9.53 EPS for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.83%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s dividend payout ratio is presently -291.67%.

Institutional Investors Weigh In On Regal Rexnord

Several institutional investors have recently added to or reduced their stakes in RRX. Private Advisor Group LLC boosted its holdings in Regal Rexnord by 14.3% in the fourth quarter. Private Advisor Group LLC now owns 1,620 shares of the company’s stock worth $240,000 after acquiring an additional 203 shares in the last quarter. Norges Bank acquired a new stake in Regal Rexnord in the fourth quarter worth about $180,918,000. Dynamic Technology Lab Private Ltd acquired a new stake in Regal Rexnord in the fourth quarter worth about $325,000. Coldstream Capital Management Inc. raised its stake in shares of Regal Rexnord by 27.5% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,632 shares of the company’s stock worth $390,000 after purchasing an additional 567 shares during the last quarter. Finally, Corient Private Wealth LLC raised its stake in shares of Regal Rexnord by 79.9% in the fourth quarter. Corient Private Wealth LLC now owns 8,318 shares of the company’s stock worth $1,231,000 after purchasing an additional 3,694 shares during the last quarter. 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.