Regal Rexnord (NYSE:RRX) Stock Price Target Lowered at JPMorgan Chase & Co.

Regal Rexnord (NYSE:RRX) had its price objective decreased by JPMorgan Chase & Co. from $196.00 to $195.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 4.92% from the stock’s current price.

Several other brokerages have also recently issued reports on RRX. Weiss Ratings cut Regal Rexnord from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday. Wall Street Zen lowered shares of Regal Rexnord from a “buy” rating to a “hold” rating in a report on Saturday. The Goldman Sachs Group set a $216.00 target price on Regal Rexnord in a report on Wednesday, September 30th. KeyCorp cut their price target on shares of Regal Rexnord from $265.00 to $240.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Regal Rexnord in a research report on Monday, July 20th. They issued a “buy” rating and a $286.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $231.25.

Regal Rexnord Trading Up 3.3%

RRX traded up $5.89 on Wednesday, hitting $185.85. The company had a trading volume of 313,850 shares, compared to its average volume of 1,155,526. Regal Rexnord has a 12-month low of $127.96 and a 12-month high of $247.80. The business’s fifty day simple moving average is $159.14 and its 200 day simple moving average is $189.79. The company has a quick ratio of 1.15, a current ratio of 2.21 and a debt-to-equity ratio of 0.64. The company has a market cap of $12.38 billion, a PE ratio of 53.67, a PEG ratio of 1.39 and a beta of 1.09.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.65 by $0.25. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.56 billion. Regal Rexnord had a return on equity of 10.28% and a net margin of 3.77%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same period last year, the business posted $2.51 earnings per share. Equities research analysts expect that Regal Rexnord will post 10.73 EPS for the current year.

Institutional Investors Weigh In On Regal Rexnord

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC grew its position in shares of Regal Rexnord by 5.6% during the 1st quarter. Parallel Advisors LLC now owns 938 shares of the company’s stock worth $176,000 after purchasing an additional 50 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Regal Rexnord by 13.7% during the third quarter. Versant Capital Management Inc now owns 540 shares of the company’s stock worth $84,000 after acquiring an additional 65 shares in the last quarter. North Dakota State Investment Board lifted its stake in Regal Rexnord by 3.4% in the 3rd quarter. North Dakota State Investment Board now owns 2,031 shares of the company’s stock worth $315,000 after purchasing an additional 67 shares in the last quarter. Greenleaf Trust grew its holdings in shares of Regal Rexnord by 1.6% during the third quarter. Greenleaf Trust now owns 5,123 shares of the company’s stock worth $795,000 after purchasing an additional 82 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Regal Rexnord by 60.3% during the first quarter. EverSource Wealth Advisors LLC now owns 242 shares of the company’s stock valued at $45,000 after purchasing an additional 91 shares in the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Company Profile

Regal Rexnord Corporation designs, manufactures and sells products and systems that transmit power, control motion and move materials. Its offerings include electric motors, gear drives, bearings, couplings, clutches, brakes, conveyor components and automation technologies. The company serves customers in a range of industries, including industrial manufacturing, food and beverage, energy, commercial buildings and residential applications. Its products are used in equipment and systems such as factory machinery, conveyors, HVAC systems and material-handling operations.