Regal Rexnord Co. (NYSE:RRX) Short Interest Update

Regal Rexnord Co. (NYSE:RRX) saw a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,300,000 shares, an increase of 21.5% from the October 31st total of 1,070,000 shares. Approximately 2.0% of the shares of the company are sold short. Based on an average daily volume of 456,600 shares, the days-to-cover ratio is presently 2.8 days.

Insider Activity

In related news, CEO Louis V. Pinkham sold 8,774 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $180.03, for a total transaction of $1,579,583.22. Following the transaction, the chief executive officer now owns 149,618 shares in the company, valued at $26,935,728.54. This represents a 5.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Regal Rexnord

Several institutional investors have recently modified their holdings of RRX. CIBC Asset Management Inc raised its stake in Regal Rexnord by 3.2% during the third quarter. CIBC Asset Management Inc now owns 1,960 shares of the company’s stock valued at $325,000 after buying an additional 61 shares during the last quarter. Hengehold Capital Management LLC grew its holdings in shares of Regal Rexnord by 1.5% in the third quarter. Hengehold Capital Management LLC now owns 4,315 shares of the company’s stock worth $716,000 after acquiring an additional 65 shares during the period. 1620 Investment Advisors Inc. grew its holdings in shares of Regal Rexnord by 17.4% in the third quarter. 1620 Investment Advisors Inc. now owns 452 shares of the company’s stock worth $75,000 after acquiring an additional 67 shares during the period. iA Global Asset Management Inc. grew its holdings in shares of Regal Rexnord by 2.7% in the third quarter. iA Global Asset Management Inc. now owns 2,626 shares of the company’s stock worth $436,000 after acquiring an additional 68 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Regal Rexnord by 13.9% in the second quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock worth $87,000 after acquiring an additional 79 shares during the period. 99.72% of the stock is currently owned by institutional investors.

Regal Rexnord Stock Performance

NYSE:RRX traded up $1.91 during trading on Monday, reaching $174.62. The company’s stock had a trading volume of 411,775 shares, compared to its average volume of 455,191. Regal Rexnord has a 12 month low of $122.49 and a 12 month high of $185.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45. The firm has a 50 day moving average of $170.84 and a 200-day moving average of $157.58. The firm has a market cap of $11.56 billion, a price-to-earnings ratio of 55.44, a price-to-earnings-growth ratio of 1.87 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.01. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The firm’s quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.10 EPS. Research analysts expect that Regal Rexnord will post 9.25 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 annualized dividend and a dividend yield of 0.80%. Regal Rexnord’s dividend payout ratio (DPR) is presently 44.16%.

Analyst Upgrades and Downgrades

RRX has been the subject of several research reports. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Barclays raised their price target on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Loop Capital reiterated a “buy” rating and issued a $200.00 target price on shares of Regal Rexnord in a research report on Thursday, September 19th. Robert W. Baird decreased their target price on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Finally, Citigroup initiated coverage on Regal Rexnord in a research note on Monday, October 14th. They set a “buy” rating and a $200.00 price target on the stock. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $193.00.

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.