KeyCorp Cuts Regal Rexnord (NYSE:RRX) Price Target to $190.00

Regal Rexnord (NYSE:RRX) had its target price trimmed by KeyCorp from $210.00 to $190.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

RRX has been the subject of several other research reports. Raymond James assumed coverage on shares of Regal Rexnord in a research note on Friday, June 28th. They set a market perform rating for the company. Robert W. Baird boosted their price objective on shares of Regal Rexnord from $205.00 to $208.00 and gave the stock an outperform rating in a research note on Wednesday, May 8th. Barclays reduced their price objective on shares of Regal Rexnord from $199.00 to $181.00 and set an overweight rating for the company in a research note on Tuesday, June 4th. Finally, StockNews.com lowered shares of Regal Rexnord from a buy rating to a hold rating in a research note on Thursday, July 4th. Two analysts have 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 presently has an average rating of Moderate Buy and an average target price of $188.00.

Regal Rexnord Price Performance

Shares of RRX opened at $151.45 on Monday. The company has a 50 day moving average price of $145.70 and a 200-day moving average price of $154.17. Regal Rexnord has a fifty-two week low of $97.18 and a fifty-two week high of $183.85. The stock has a market capitalization of $10.07 billion, a PE ratio of -315.52, a PEG ratio of 1.54 and a beta of 1.06. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.56 and a current ratio of 2.62.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.02. Regal Rexnord had a negative net margin of 0.48% and a positive return on equity of 9.42%. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same quarter in the prior year, the company earned $2.22 EPS. The company’s revenue was up 26.4% compared to the same quarter last year. Equities analysts predict that Regal Rexnord will post 9.73 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 0.92%. Regal Rexnord’s payout ratio is -291.67%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RRX. GAMMA Investing LLC increased its stake in shares of Regal Rexnord by 13.9% in the second quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock worth $87,000 after acquiring an additional 79 shares during the period. Xponance Inc. increased its stake in shares of Regal Rexnord by 1.2% in the fourth quarter. Xponance Inc. now owns 8,003 shares of the company’s stock worth $1,185,000 after acquiring an additional 91 shares during the period. Oppenheimer Asset Management Inc. increased its stake in shares of Regal Rexnord by 2.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 3,808 shares of the company’s stock worth $686,000 after acquiring an additional 95 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Regal Rexnord by 3.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,282 shares of the company’s stock worth $591,000 after acquiring an additional 102 shares during the period. Finally, Industrial Alliance Investment Management Inc. increased its stake in shares of Regal Rexnord by 4.4% in the first quarter. Industrial Alliance Investment Management Inc. now owns 2,697 shares of the company’s stock worth $486,000 after acquiring an additional 113 shares during the period. Institutional investors and hedge funds 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.