Regal Rexnord (NYSE:RRX) Downgraded by StockNews.com to “Hold”

Regal Rexnord (NYSE:RRX) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

Several other equities research analysts have also recently issued reports on RRX. Raymond James began coverage on Regal Rexnord in a research note on Friday, June 28th. They set a “market perform” rating for the company. The Goldman Sachs Group increased their price target on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Robert W. Baird boosted their price objective on shares of Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. KeyCorp lowered their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Finally, Loop Capital reiterated a “buy” rating and set a $200.00 price target on shares of Regal Rexnord in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Regal Rexnord presently has an average rating of “Moderate Buy” and a consensus target price of $191.29.

Regal Rexnord Trading Down 2.6 %

Shares of RRX stock opened at $169.67 on Thursday. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91. Regal Rexnord has a twelve month low of $97.18 and a twelve month high of $183.85. The company’s 50-day moving average price is $156.45 and its 200-day moving average price is $156.98. The stock has a market cap of $11.29 billion, a price-to-earnings ratio of -353.48, a PEG ratio of 1.64 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.15. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.51 billion. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. Regal Rexnord’s revenue was down 12.5% on a year-over-year basis. During the same period in the previous year, the business posted $2.56 EPS. As a group, equities analysts predict that Regal Rexnord will post 9.53 earnings per share for the current year.

Hedge Funds Weigh In On Regal Rexnord

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Regal Rexnord by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock valued at $1,004,848,000 after acquiring an additional 24,847 shares in the last quarter. Capital World Investors raised its position in Regal Rexnord by 4.7% in the 1st quarter. Capital World Investors now owns 6,599,752 shares of the company’s stock valued at $1,188,615,000 after purchasing an additional 296,941 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position in Regal Rexnord by 7.1% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company’s stock valued at $430,255,000 after purchasing an additional 209,776 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Regal Rexnord by 42.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company’s stock valued at $254,832,000 after buying an additional 563,853 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Regal Rexnord by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,422,350 shares of the company’s stock worth $192,338,000 after buying an additional 8,159 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

About Regal Rexnord

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.