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

Regal Rexnord Co. (NYSE:RRX - Get Free Report) saw a large decline in short interest during the month of April. As of April 15th, there was short interest totalling 825,700 shares, a decline of 31.8% from the March 31st total of 1,210,000 shares. Based on an average daily volume of 483,100 shares, the short-interest ratio is currently 1.7 days. Approximately 1.3% of the company's stock are short sold.

Insider Transactions at Regal Rexnord

In other news, EVP Thomas E. Valentyn sold 647 shares of the business's stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total value of $109,795.90. Following the completion of the sale, the executive vice president now owns 28,412 shares of the company's stock, valued at approximately $4,821,516.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Thomas E. Valentyn sold 1,931 shares of Regal Rexnord stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $166.09, for a total value of $320,719.79. Following the completion of the transaction, the executive vice president now directly owns 27,180 shares of the company's stock, valued at approximately $4,514,326.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Thomas E. Valentyn sold 647 shares of Regal Rexnord stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total transaction of $109,795.90. Following the completion of the transaction, the executive vice president now directly owns 28,412 shares of the company's stock, valued at $4,821,516.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,570 shares of company stock valued at $892,301. Insiders own 0.82% of the company's stock.

Hedge Funds Weigh In On Regal Rexnord

A number of hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC raised its stake in shares of Regal Rexnord by 18.5% in the 3rd quarter. Global Retirement Partners LLC now owns 493 shares of the company's stock valued at $68,000 after buying an additional 77 shares in the last quarter. Xponance Inc. increased its position in shares of Regal Rexnord by 1.2% during the 4th quarter. Xponance Inc. now owns 8,003 shares of the company's stock worth $1,185,000 after purchasing an additional 91 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Regal Rexnord by 3.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,282 shares of the company's stock worth $591,000 after purchasing an additional 102 shares in the last quarter. Mariner LLC increased its position in shares of Regal Rexnord by 2.1% during the 3rd quarter. Mariner LLC now owns 5,525 shares of the company's stock worth $789,000 after purchasing an additional 113 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its position in shares of Regal Rexnord by 3.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 3,277 shares of the company's stock worth $468,000 after purchasing an additional 118 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.

Regal Rexnord Stock Performance

Shares of NYSE RRX traded up $2.14 during trading hours on Friday, hitting $164.11. 285,168 shares of the stock were exchanged, compared to its average volume of 406,838. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.55 and a quick ratio of 1.59. The company's 50 day moving average is $169.93 and its 200 day moving average is $144.87. The firm has a market capitalization of $10.91 billion, a P/E ratio of -188.63, a P/E/G ratio of 1.61 and a beta of 1.14. Regal Rexnord has a one year low of $97.18 and a one year high of $183.85.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its quarterly earnings data on Wednesday, February 7th. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.02. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. Regal Rexnord's quarterly revenue was up 29.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.64 EPS. On average, research analysts expect that Regal Rexnord will post 10.05 EPS for the current year.

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Friday, June 28th. Regal Rexnord's dividend payout ratio is -160.92%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RRX. Barclays boosted their target price on shares of Regal Rexnord from $200.00 to $203.00 and gave the stock an "overweight" rating in a report on Tuesday, April 2nd. Oppenheimer boosted their target price on shares of Regal Rexnord from $185.00 to $210.00 and gave the stock an "outperform" rating in a report on Wednesday, March 13th. Finally, KeyCorp boosted their target price on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an "overweight" rating in a report on Monday, March 25th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Regal Rexnord currently has a consensus rating of "Moderate Buy" and a consensus target price of $197.00.

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.

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