Citigroup Cuts Regal Rexnord (NYSE:RRX) Price Target to $110.00

Regal Rexnord (NYSE:RRX) had its price objective reduced by Citigroup from $170.00 to $110.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently weighed in on RRX. KeyCorp dropped their price target on Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday. Barclays lowered their target price on Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 26th. Jefferies Financial Group initiated coverage on shares of Regal Rexnord in a research report on Thursday, December 12th. They issued a “buy” rating and a $215.00 price target for the company. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Oppenheimer reduced their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating for the company in a report on Friday, February 7th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $170.75.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $93.77 on Tuesday. The firm has a 50 day moving average of $126.80 and a 200-day moving average of $152.49. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 31.79, a price-to-earnings-growth ratio of 1.37 and a beta of 1.09. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87. Regal Rexnord has a 52 week low of $90.56 and a 52 week high of $185.28.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $2.34 EPS for the quarter, missing analysts’ consensus estimates of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. On average, equities analysts forecast that Regal Rexnord will post 9.95 earnings per share for the current year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a $0.35 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.40 annualized dividend and a yield of 1.49%. Regal Rexnord’s dividend payout ratio (DPR) is 47.46%.

Hedge Funds Weigh In On Regal Rexnord

A number of hedge funds and other institutional investors have recently modified their holdings of RRX. Norges Bank bought a new stake in Regal Rexnord during the fourth quarter worth $235,188,000. Nuveen Asset Management LLC raised its stake in shares of Regal Rexnord by 79.8% during the 4th quarter. Nuveen Asset Management LLC now owns 899,688 shares of the company’s stock worth $139,569,000 after purchasing an additional 399,267 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Regal Rexnord by 20.1% in the 4th quarter. Victory Capital Management Inc. now owns 2,176,963 shares of the company’s stock worth $337,712,000 after buying an additional 363,728 shares during the last quarter. Cartenna Capital LP bought a new position in Regal Rexnord during the fourth quarter valued at about $55,900,000. Finally, Alyeska Investment Group L.P. increased its holdings in Regal Rexnord by 425.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 400,050 shares of the company’s stock worth $62,060,000 after buying an additional 323,904 shares during the last quarter. Hedge funds and other institutional investors 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.