Regal Rexnord Corporation (NYSE:RRX – Get Free Report)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $238.19, but opened at $247.80. Regal Rexnord shares last traded at $230.94, with a volume of 301,236 shares trading hands.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on RRX. DA Davidson began coverage on Regal Rexnord in a research report on Tuesday, June 16th. They set a “buy” rating and a $260.00 price target on the stock. Citigroup upped their price objective on Regal Rexnord from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. JPMorgan Chase & Co. increased their target price on Regal Rexnord from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Barclays raised their target price on Regal Rexnord from $237.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, March 23rd. Finally, Wall Street Zen downgraded shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 28th. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $237.80.
View Our Latest Stock Analysis on RRX
Regal Rexnord Stock Performance
Regal Rexnord (NYSE:RRX – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $2.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.11 by $0.06. Regal Rexnord had a return on equity of 9.49% and a net margin of 4.78%.The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the company posted $2.15 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities analysts forecast that Regal Rexnord Corporation will post 10.64 earnings per share for the current fiscal year.
Regal Rexnord Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Tuesday, June 30th. Regal Rexnord’s payout ratio is currently 32.56%.
Insider Buying and Selling
In related news, CEO Louis V. Pinkham sold 22,509 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $211.68, for a total value of $4,764,705.12. Following the completion of the transaction, the chief executive officer owned 56,749 shares in the company, valued at $12,012,628.32. This represents a 28.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Robert Rehard sold 6,499 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $200.00, for a total transaction of $1,299,800.00. Following the transaction, the chief financial officer directly owned 27,965 shares in the company, valued at approximately $5,593,000. The trade was a 18.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 30,305 shares of company stock valued at $6,341,869 over the last 90 days. 0.63% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Regal Rexnord
Several hedge funds and other institutional investors have recently bought and sold shares of RRX. AIA Group Ltd acquired a new stake in shares of Regal Rexnord in the third quarter worth $1,477,000. American Century Companies Inc. acquired a new position in Regal Rexnord during the third quarter valued at $47,778,000. JPMorgan Chase & Co. lifted its stake in Regal Rexnord by 97.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 260,853 shares of the company’s stock worth $37,419,000 after acquiring an additional 128,468 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in Regal Rexnord by 55.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 124,005 shares of the company’s stock worth $17,788,000 after acquiring an additional 44,100 shares during the period. Finally, Schroder Investment Management Group grew its stake in Regal Rexnord by 27.9% during the 3rd quarter. Schroder Investment Management Group now owns 384,560 shares of the company’s stock valued at $55,384,000 after acquiring an additional 83,871 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors.
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.
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