Regal Rexnord (NYSE:RRX) Stock Rating Cut to “Hold” at Wall Street Zen

Regal Rexnord (NYSE:RRX) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also commented on RRX. Oppenheimer cut their price target on shares of Regal Rexnord from $245.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday, October 8th. The Goldman Sachs Group set a $216.00 price target on Regal Rexnord in a report on Wednesday, September 30th. Deutsche Bank Aktiengesellschaft assumed coverage on Regal Rexnord in a report on Monday, July 20th. They set a “buy” rating and a $286.00 target price on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Regal Rexnord from $240.00 to $196.00 and set an “overweight” rating for the company in a research note on Friday, October 9th. Finally, KeyCorp lowered their target price on shares of Regal Rexnord from $265.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $231.33.

Regal Rexnord Stock Performance

NYSE RRX opened at $169.06 on Friday. The stock has a fifty day simple moving average of $158.26 and a 200 day simple moving average of $189.57. Regal Rexnord has a twelve month low of $127.96 and a twelve month high of $247.80. The company has a quick ratio of 1.16, a current ratio of 2.28 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $11.26 billion, a price-to-earnings ratio of 48.86, a PEG ratio of 1.28 and a beta of 1.09.

Regal Rexnord (NYSE:RRX) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $2.65 by $0.25. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.56 billion. Regal Rexnord had a return on equity of 9.93% and a net margin of 5.35%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the company earned $2.51 earnings per share. Sell-side analysts expect that Regal Rexnord will post 10.73 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RRX. BlackRock Inc. acquired a new position in Regal Rexnord during the 2nd quarter valued at about $1,477,356,000. Wellington Management Group LLP lifted its position in Regal Rexnord by 75.8% during the second quarter. Wellington Management Group LLP now owns 2,584,056 shares of the company’s stock worth $615,496,000 after purchasing an additional 1,113,888 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Regal Rexnord during the 2nd quarter valued at about $449,281,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Regal Rexnord in the second quarter worth $254,637,000. Finally, Bessemer Group Inc. raised its stake in Regal Rexnord by 4,155.4% in the first quarter. Bessemer Group Inc. now owns 916,054 shares of the company’s stock valued at $171,541,000 after purchasing an additional 894,527 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company’s stock.

About Regal Rexnord

Regal Rexnord Corporation is an industrial manufacturing company that develops and produces electric motors, power transmission components, motion-control systems and other equipment used in industrial and commercial applications. Its products include motors, gearboxes, bearings, couplings, belts, chains, drives, clutches, brakes and related controls, as well as air-moving and power-management solutions.

The company serves customers across industries such as automation, material handling, food and beverage, renewable energy, heating and ventilation, agriculture, and general industrial production.