Regal Rexnord (NYSE:RRX) Given New $240.00 Price Target at Citigroup

Key Points

• Citigroup raised its price target to $240 (from $230) and kept a "buy" rating, implying about a 16.46% upside from the prior close.
• The stock carries a consensus "Moderate Buy" (seven Buy, three Hold) with an average target of $229.75; RRX traded near $206.08 midday, has a $13.72 billion market cap and a P/E of 49.07, and recently reported $2.51 EPS versus a $2.47 estimate with revenue of $1.52 billion (down slightly vs. estimates).
• Insiders sold 53,451 shares worth roughly $11.39 million in the past three months (insiders own 0.63%), while institutional investors hold about 99.72% of the company's stock.

Regal Rexnord (NYSE:RRX - Get Free Report) had its target price raised by stock analysts at Citigroup from $230.00 to $240.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price target would indicate a potential upside of 16.46% from the stock's previous close.

Other analysts also recently issued reports about the stock. Oppenheimer lifted their price objective on shares of Regal Rexnord from $180.00 to $225.00 and gave the company an "outperform" rating in a report on Friday, February 6th. Zacks Research upgraded shares of Regal Rexnord from a "strong sell" rating to a "hold" rating in a report on Tuesday, December 30th. KeyCorp lifted their price objective on shares of Regal Rexnord from $200.00 to $255.00 and gave the company an "overweight" rating in a report on Tuesday, February 10th. The Goldman Sachs Group boosted their target price on shares of Regal Rexnord from $170.00 to $230.00 and gave the stock a "buy" rating in a report on Monday, February 9th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Regal Rexnord in a report on Thursday, January 22nd. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $229.75.

Regal Rexnord Stock Down 1.1%

RRX stock traded down $2.25 during mid-day trading on Monday, hitting $206.08. 161,749 shares of the company were exchanged, compared to its average volume of 1,078,646. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.10 and a current ratio of 2.15. The firm has a market cap of $13.72 billion, a P/E ratio of 49.07, a P/E/G ratio of 1.94 and a beta of 1.11. The firm's 50 day simple moving average is $200.11 and its 200 day simple moving average is $164.65. Regal Rexnord has a 1-year low of $94.42 and a 1-year high of $229.30.

Regal Rexnord (NYSE:RRX - Get Free Report) last announced its earnings results on Thursday, February 5th. The company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. Regal Rexnord had a net margin of 4.71% and a return on equity of 9.60%. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the company posted $2.34 EPS. The business's quarterly revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts predict that Regal Rexnord will post 9.95 EPS for the current fiscal year.

Insider Buying and Selling at Regal Rexnord

In other news, EVP Cheryl Lewis sold 2,262 shares of the business's stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $215.73, for a total value of $487,981.26. Following the completion of the sale, the executive vice president owned 13,219 shares of the company's stock, valued at approximately $2,851,734.87. The trade was a 14.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Robert Rehard sold 968 shares of the business's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $223.00, for a total transaction of $215,864.00. Following the completion of the sale, the chief financial officer directly owned 34,447 shares of the company's stock, valued at approximately $7,681,681. The trade was a 2.73% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 53,451 shares of company stock worth $11,386,689. Insiders own 0.63% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Covestor Ltd lifted its holdings in shares of Regal Rexnord by 81.6% in the 4th quarter. Covestor Ltd now owns 178 shares of the company's stock worth $25,000 after purchasing an additional 80 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Regal Rexnord by 135.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 221 shares of the company's stock worth $25,000 after purchasing an additional 127 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Regal Rexnord in the 3rd quarter worth $27,000. Garner Asset Management Corp bought a new position in shares of Regal Rexnord in the 4th quarter worth $27,000. Finally, IFP Advisors Inc lifted its holdings in shares of Regal Rexnord by 34.0% in the 4th quarter. IFP Advisors Inc now owns 193 shares of the company's stock worth $27,000 after purchasing an additional 49 shares in the last quarter. Institutional investors and hedge funds own 99.72% of the company's stock.

Regal Rexnord Company Profile

Regal Rexnord Corporation NYSE: RRX is a global industrial manufacturer specializing in electric motors, power generation equipment and automated motion control systems. The company designs, engineers and produces a broad portfolio of products that includes energy-efficient electric motors, variable frequency drives, gearboxes, couplings, bearings and power transmission components. These offerings support critical applications in industries such as heating, ventilation and air conditioning (HVAC), refrigeration, data centers, water treatment, food and beverage processing, mining, oil and gas, and material handling.

The company's operations are organized into multiple business segments that address distinct customer needs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.