StockNews.com Downgrades Regal Rexnord (NYSE:RRX) to Hold

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

Other equities research analysts also recently issued reports about the company. Barclays cut their price target on Regal Rexnord from $181.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Loop Capital reiterated a “buy” rating and issued a $200.00 price objective on shares of Regal Rexnord in a research report on Thursday. Raymond James began coverage on Regal Rexnord in a research report on Friday, June 28th. They set a “market perform” rating on the stock. The Goldman Sachs Group lifted their price target on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird increased their price target on Regal Rexnord from $208.00 to $213.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $191.29.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $169.67 on Thursday. The firm has a market capitalization of $11.29 billion, a price-to-earnings ratio of -353.48, a price-to-earnings-growth ratio of 1.64 and a beta of 1.04. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38. The business has a fifty day moving average of $156.45 and a 200 day moving average of $156.98. Regal Rexnord has a 1 year low of $97.18 and a 1 year high of $183.85.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.15. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The firm’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same period last year, the firm earned $2.56 EPS. As a group, research analysts expect that Regal Rexnord will post 9.53 earnings per share for the current year.

Hedge Funds Weigh In On Regal Rexnord

Several hedge funds and other institutional investors have recently made changes to their positions in RRX. GAMMA Investing LLC raised its stake in Regal Rexnord by 13.9% in the 2nd quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock valued at $87,000 after purchasing an additional 79 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of Regal Rexnord by 2.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 3,808 shares of the company’s stock worth $686,000 after buying an additional 95 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Regal Rexnord by 3.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,282 shares of the company’s stock worth $591,000 after acquiring an additional 102 shares during the last quarter. Industrial Alliance Investment Management Inc. grew its stake in Regal Rexnord by 4.4% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 2,697 shares of the company’s stock valued at $486,000 after acquiring an additional 113 shares in the last quarter. Finally, Raymond James Trust N.A. raised its holdings in Regal Rexnord by 5.7% in the 2nd quarter. Raymond James Trust N.A. now owns 2,988 shares of the company’s stock valued at $404,000 after acquiring an additional 161 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.