Regal Rexnord (NYSE:RRX) Given New $240.00 Price Target at Citigroup

Regal Rexnord (NYSE:RRX) had its price target hoisted by Citigroup from $230.00 to $240.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on the company. The Goldman Sachs Group boosted their target price on Regal Rexnord from $170.00 to $230.00 and gave the stock a “buy” rating in a report on Monday, February 9th. Zacks Research upgraded Regal Rexnord from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 30th. Wall Street Zen cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Sunday. Weiss Ratings restated a “hold (c)” rating on shares of Regal Rexnord in a report on Thursday, January 22nd. Finally, Robert W. Baird set a $253.00 target price on Regal Rexnord in a report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus price target of $229.75.

Regal Rexnord Trading Up 0.9%

RRX stock opened at $210.25 on Monday. The company has a current ratio of 2.15, a quick ratio of 1.10 and a debt-to-equity ratio of 0.70. Regal Rexnord has a 12-month low of $94.42 and a 12-month high of $229.30. The stock has a market cap of $14.00 billion, a price-to-earnings ratio of 50.06, a PEG ratio of 1.94 and a beta of 1.11. The business’s 50-day moving average is $200.91 and its 200 day moving average is $165.14.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Thursday, February 5th. The company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.04. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Regal Rexnord had a return on equity of 9.60% and a net margin of 4.71%.The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.34 EPS. On average, sell-side analysts anticipate that Regal Rexnord will post 9.95 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, March 31st. Regal Rexnord’s payout ratio is presently 33.33%.

Insider Activity

In other news, EVP Cheryl Lewis sold 2,262 shares of Regal Rexnord stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $215.73, for a total transaction of $487,981.26. Following the sale, the executive vice president owned 13,219 shares of the company’s stock, valued at approximately $2,851,734.87. The trade was a 14.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Louis V. Pinkham sold 36,728 shares of Regal Rexnord stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $215.52, for a total transaction of $7,915,618.56. Following the sale, the chief executive officer directly owned 83,337 shares in the company, valued at approximately $17,960,790.24. The trade was a 30.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 53,451 shares of company stock worth $11,386,689 in the last 90 days. 0.63% of the stock is owned by corporate insiders.

Institutional Trading of Regal Rexnord

Several institutional investors have recently made changes to their positions in RRX. Covestor Ltd raised its position in Regal Rexnord by 81.6% in the fourth quarter. Covestor Ltd now owns 178 shares of the company’s stock valued at $25,000 after purchasing an additional 80 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in Regal Rexnord in the third quarter valued at approximately $27,000. Garner Asset Management Corp purchased a new stake in Regal Rexnord in the fourth quarter valued at approximately $27,000. IFP Advisors Inc raised its position in Regal Rexnord by 34.0% in the fourth quarter. IFP Advisors Inc now owns 193 shares of the company’s stock valued at $27,000 after purchasing an additional 49 shares during the period. Finally, Root Financial Partners LLC purchased a new stake in Regal Rexnord in the third quarter valued at approximately $28,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

About Regal Rexnord

Regal Rexnord Corporation (NYSE: RRX) is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company’s operations are organized into multiple business segments that address distinct customer needs.