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

Regal Rexnord Co. (NYSE:RRX) saw a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 1,300,000 shares, an increase of 21.5% from the October 31st total of 1,070,000 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 456,600 shares, the short-interest ratio is presently 2.8 days.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Robert W. Baird cut their price objective on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Citigroup assumed coverage on Regal Rexnord in a research report on Monday, October 14th. They set a “buy” rating and a $200.00 price objective on the stock. Barclays upped their price objective on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Finally, Loop Capital reiterated a “buy” rating and set a $200.00 target price on shares of Regal Rexnord in a research note on Thursday, September 19th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus target price of $193.00.

Insider Buying and Selling

In other Regal Rexnord news, CEO Louis V. Pinkham sold 8,774 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $180.03, for a total value of $1,579,583.22. Following the sale, the chief executive officer now owns 149,618 shares of the company’s stock, valued at $26,935,728.54. The trade was a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Regal Rexnord

Several large investors have recently bought and sold shares of RRX. Headlands Technologies LLC acquired a new stake in shares of Regal Rexnord during the second quarter worth about $46,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Regal Rexnord during the second quarter worth about $52,000. UMB Bank n.a. boosted its stake in shares of Regal Rexnord by 72.5% during the third quarter. UMB Bank n.a. now owns 345 shares of the company’s stock worth $57,000 after buying an additional 145 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in shares of Regal Rexnord by 30.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock worth $71,000 after buying an additional 100 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Regal Rexnord by 13.9% during the second quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock worth $87,000 after buying an additional 79 shares during the period. Institutional investors and hedge funds own 99.72% of the company’s stock.

Regal Rexnord Stock Performance

NYSE RRX traded up $0.23 during trading hours on Monday, hitting $172.94. The company had a trading volume of 41,137 shares, compared to its average volume of 453,503. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.45. Regal Rexnord has a 1-year low of $122.49 and a 1-year high of $185.28. The company has a market cap of $11.45 billion, a PE ratio of 54.48, a price-to-earnings-growth ratio of 1.87 and a beta of 1.04. The business has a 50 day moving average of $170.84 and a 200-day moving average of $157.58.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.01. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the firm posted $2.10 earnings per share. Regal Rexnord’s revenue for the quarter was down 10.4% on a year-over-year basis. As a group, equities research analysts expect that Regal Rexnord will post 9.25 EPS for the current year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders 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 annualized dividend and a yield of 0.81%. Regal Rexnord’s dividend payout ratio is presently 44.16%.

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.