Regal Rexnord Co. (NYSE:RRX) Sees Large Growth in Short Interest

Regal Rexnord Co. (NYSE:RRX) saw a significant growth in short interest in February. As of February 28th, there was short interest totalling 1,460,000 shares, a growth of 15.9% from the February 13th total of 1,260,000 shares. Based on an average daily volume of 564,900 shares, the days-to-cover ratio is currently 2.6 days. Approximately 2.2% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of brokerages have issued reports on RRX. The Goldman Sachs Group increased their price target on Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Citigroup lowered their price target on Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Barclays lowered their price target on Regal Rexnord from $176.00 to $160.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. StockNews.com downgraded Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 16th. Finally, Jefferies Financial Group started coverage on Regal Rexnord in a research report on Thursday, December 12th. They issued a “buy” rating and a $215.00 target price on the stock. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $195.75.

Institutional Investors Weigh In On Regal Rexnord

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RRX. Atria Investments Inc acquired a new stake in Regal Rexnord during the third quarter worth $257,000. GSA Capital Partners LLP purchased a new position in shares of Regal Rexnord during the third quarter worth $229,000. Oppenheimer Asset Management Inc. boosted its position in shares of Regal Rexnord by 21.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 1,934 shares of the company’s stock worth $321,000 after buying an additional 338 shares during the period. KBC Group NV boosted its position in shares of Regal Rexnord by 12.3% during the third quarter. KBC Group NV now owns 1,795 shares of the company’s stock worth $298,000 after buying an additional 197 shares during the period. Finally, OneDigital Investment Advisors LLC purchased a new position in shares of Regal Rexnord during the third quarter worth $209,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Price Performance

Shares of NYSE:RRX traded up $1.41 during midday trading on Thursday, hitting $124.72. The company had a trading volume of 162,309 shares, compared to its average volume of 477,109. The business’s 50-day simple moving average is $140.64 and its 200-day simple moving average is $157.13. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of 42.25, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. Regal Rexnord has a twelve month low of $113.73 and a twelve month high of $185.28.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. On average, research analysts predict that Regal Rexnord will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.35 per share. The ex-dividend date is Monday, March 31st. This represents a $1.40 annualized dividend and a yield of 1.12%. Regal Rexnord’s dividend payout ratio (DPR) is 47.46%.

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.