Citigroup Cuts Regal Rexnord (NYSE:RRX) Price Target to $190.00

Regal Rexnord (NYSE:RRX - Free Report) had its target price lowered by Citigroup from $210.00 to $190.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other research analysts have also weighed in on the stock. StockNews.com raised shares of Regal Rexnord from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, January 8th. Barclays cut their price objective on shares of Regal Rexnord from $205.00 to $190.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Jefferies Financial Group assumed coverage on shares of Regal Rexnord in a report on Thursday, December 12th. They issued a "buy" rating and a $215.00 target price on the stock. Robert W. Baird cut their price target on shares of Regal Rexnord from $223.00 to $208.00 and set an "outperform" rating for the company in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group increased their target price on shares of Regal Rexnord from $191.00 to $213.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Regal Rexnord presently has an average rating of "Buy" and an average price target of $202.00.

Regal Rexnord Price Performance

RRX traded up $3.79 during midday trading on Tuesday, hitting $155.59. 437,921 shares of the company traded hands, compared to its average volume of 499,003. The business has a 50 day simple moving average of $165.69 and a two-hundred day simple moving average of $161.15. Regal Rexnord has a 52-week low of $130.94 and a 52-week high of $185.28. The company has a market capitalization of $10.30 billion, a price-to-earnings ratio of 49.08, a PEG ratio of 1.83 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, beating analysts' consensus estimates of $2.48 by $0.01. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. Regal Rexnord's quarterly revenue was down 10.4% compared to the same quarter last year. During the same period last year, the company posted $2.10 EPS. On average, equities analysts forecast that Regal Rexnord will post 9.24 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a yield of 0.90%. Regal Rexnord's dividend payout ratio (DPR) is 44.16%.

Insiders Place Their Bets

In other news, CEO Louis V. Pinkham sold 8,774 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $180.03, for a total value of $1,579,583.22. Following the completion of the transaction, the chief executive officer now directly owns 149,618 shares in the company, valued at $26,935,728.54. This trade represents a 5.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Regal Rexnord

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in shares of Regal Rexnord by 6.9% during the third quarter. JPMorgan Chase & Co. now owns 436,307 shares of the company's stock valued at $72,375,000 after buying an additional 28,278 shares in the last quarter. Geode Capital Management LLC lifted its stake in Regal Rexnord by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company's stock valued at $183,195,000 after acquiring an additional 9,338 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Regal Rexnord by 29.2% in the third quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company's stock worth $2,042,000 after purchasing an additional 2,783 shares in the last quarter. First Hawaiian Bank acquired a new position in shares of Regal Rexnord during the 4th quarter valued at about $811,000. Finally, Franklin Resources Inc. raised its position in shares of Regal Rexnord by 7.2% in the third quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company's stock valued at $204,254,000 after purchasing an additional 77,215 shares during the period. Institutional investors and hedge funds 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.