Regal Rexnord (NYSE:RRX) Stock Rating Upgraded by StockNews.com

Regal Rexnord (NYSE:RRX - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "hold" rating to a "buy" rating in a research note issued on Wednesday.

Several other research analysts also recently weighed in on the company. Raymond James started coverage on Regal Rexnord in a research note on Friday, June 28th. They set a "market perform" rating for the company. Loop Capital reiterated a "buy" rating and set a $200.00 price target on shares of Regal Rexnord in a research report on Thursday, September 19th. The Goldman Sachs Group boosted their price target on Regal Rexnord from $176.00 to $195.00 and gave the stock a "buy" rating in a research report on Friday, August 2nd. Robert W. Baird boosted 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. Finally, KeyCorp dropped their price target on Regal Rexnord from $210.00 to $190.00 and set an "overweight" rating for the company in a research report on Monday, July 15th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Regal Rexnord currently has an average rating of "Moderate Buy" and a consensus target price of $193.63.

Regal Rexnord Stock Performance

NYSE:RRX traded up $3.81 during trading hours on Wednesday, reaching $178.07. The company had a trading volume of 553,855 shares, compared to its average volume of 450,726. Regal Rexnord has a 1-year low of $97.18 and a 1-year high of $183.85. The firm has a market cap of $11.84 billion, a PE ratio of -367.50, a price-to-earnings-growth ratio of 1.76 and a beta of 1.04. The business's 50 day moving average price is $161.49 and its 200-day moving average price is $155.85. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.14 by $0.15. The company had revenue of $1.55 billion during 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%. Regal Rexnord's revenue for the quarter was down 12.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.56 earnings per share. Research analysts forecast that Regal Rexnord will post 9.48 EPS for the current year.

Hedge Funds Weigh In On Regal Rexnord

Several institutional investors have recently modified their holdings of RRX. Vanguard Group Inc. grew its holdings in Regal Rexnord by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company's stock worth $1,004,848,000 after acquiring an additional 24,847 shares in the last quarter. Capital World Investors increased its holdings in Regal Rexnord by 4.7% in the first quarter. Capital World Investors now owns 6,599,752 shares of the company's stock valued at $1,188,615,000 after buying an additional 296,941 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in Regal Rexnord by 7.1% in the second quarter. Diamond Hill Capital Management Inc. now owns 3,181,886 shares of the company's stock valued at $430,255,000 after buying an additional 209,776 shares in the last quarter. Victory Capital Management Inc. raised its stake in Regal Rexnord by 42.7% in the second quarter. Victory Capital Management Inc. now owns 1,884,575 shares of the company's stock valued at $254,832,000 after buying an additional 563,853 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Regal Rexnord by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,422,350 shares of the company's stock valued at $192,338,000 after buying an additional 8,159 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.

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.