Regal Rexnord Corporation (NYSE:RRX) Short Interest Update

Regal Rexnord Corporation (NYSE:RRX) saw a large decrease in short interest in the month of March. As of March 13th, there was short interest totaling 1,781,433 shares, a decrease of 16.4% from the February 26th total of 2,130,409 shares. Currently, 2.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,365,267 shares, the short-interest ratio is presently 1.3 days.

Insiders Place Their Bets

In other Regal Rexnord news, CFO Robert Rehard sold 968 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $223.00, for a total transaction of $215,864.00. Following the sale, the chief financial officer directly owned 34,447 shares of the company’s stock, valued at $7,681,681. This trade represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Curtis W. Stoelting sold 4,500 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $180.00, for a total value of $810,000.00. Following the completion of the transaction, the director owned 15,617 shares in the company, valued at $2,811,060. The trade was a 22.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 53,451 shares of company stock worth $11,386,689. 0.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Regal Rexnord

A number of institutional investors and hedge funds have recently made changes to their positions in RRX. AQR Capital Management LLC lifted its holdings in shares of Regal Rexnord by 208.1% in the 1st quarter. AQR Capital Management LLC now owns 17,747 shares of the company’s stock valued at $2,011,000 after acquiring an additional 11,987 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Regal Rexnord by 91.6% during the first quarter. Jones Financial Companies Lllp now owns 617 shares of the company’s stock worth $70,000 after acquiring an additional 295 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Regal Rexnord by 135.1% during the first quarter. Geneos Wealth Management Inc. now owns 221 shares of the company’s stock valued at $25,000 after purchasing an additional 127 shares during the period. Cetera Investment Advisers raised its position in Regal Rexnord by 6.7% during the second quarter. Cetera Investment Advisers now owns 3,116 shares of the company’s stock valued at $452,000 after purchasing an additional 196 shares during the period. Finally, Prudential Financial Inc. raised its position in Regal Rexnord by 233.6% during the second quarter. Prudential Financial Inc. now owns 45,281 shares of the company’s stock valued at $6,564,000 after purchasing an additional 31,709 shares during the period. 99.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RRX. KeyCorp boosted their price target on Regal Rexnord from $200.00 to $255.00 and gave the stock an “overweight” rating in a report on Tuesday, February 10th. The Goldman Sachs Group lifted their price objective on shares of Regal Rexnord from $170.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Oppenheimer boosted their target price on shares of Regal Rexnord from $180.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Jefferies Financial Group lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating and dropped their target price for the stock from $170.00 to $160.00 in a research report on Wednesday, December 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Regal Rexnord in a research note on Thursday, January 22nd. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $228.50.

Regal Rexnord Price Performance

Shares of Regal Rexnord stock opened at $183.35 on Monday. The firm has a market cap of $12.21 billion, a PE ratio of 43.66, a PEG ratio of 1.70 and a beta of 1.05. The stock has a 50 day moving average of $193.26 and a 200 day moving average of $161.20. 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 $90.56 and a 12 month high of $229.30.

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

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Regal Rexnord’s dividend payout ratio is presently 33.33%.

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.