Regal Rexnord Co. (NYSE:RRX) Sees Significant Increase in Short Interest

Regal Rexnord Co. (NYSE:RRX) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 1,460,000 shares, a growth of 15.9% from the February 13th total of 1,260,000 shares. Based on an average daily volume of 564,900 shares, the days-to-cover ratio is presently 2.6 days. Currently, 2.2% of the shares of the stock are short sold.

Institutional Investors Weigh In On Regal Rexnord

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ increased its stake in Regal Rexnord by 472.4% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company’s stock valued at $25,000 after buying an additional 137 shares during the last quarter. Bernard Wealth Management Corp. acquired a new position in shares of Regal Rexnord during the 4th quarter worth about $30,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Regal Rexnord during the 4th quarter worth about $33,000. Tobam acquired a new position in shares of Regal Rexnord during the 4th quarter worth about $45,000. Finally, Jones Financial Companies Lllp increased its stake in shares of Regal Rexnord by 90.5% during the 4th quarter. Jones Financial Companies Lllp now owns 322 shares of the company’s stock worth $50,000 after purchasing an additional 153 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on RRX. Citigroup decreased their price target on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. The Goldman Sachs Group raised their price objective on shares of Regal Rexnord from $191.00 to $213.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Jefferies Financial Group started coverage on shares of Regal Rexnord in a research note on Thursday, December 12th. They issued a “buy” rating and a $215.00 price objective on the stock. StockNews.com cut shares of Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 16th. Finally, Oppenheimer reduced their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $195.75.

Regal Rexnord Stock Up 4.0 %

Shares of NYSE:RRX traded up $4.73 during midday trading on Wednesday, reaching $123.50. 838,962 shares of the company were exchanged, compared to its average volume of 478,109. Regal Rexnord has a fifty-two week low of $113.73 and a fifty-two week high of $185.28. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87. The stock has a fifty day simple moving average of $141.27 and a two-hundred day simple moving average of $157.37. The firm has a market cap of $8.18 billion, a PE ratio of 41.86, a P/E/G ratio of 1.37 and a beta of 1.11.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. As a group, sell-side analysts forecast that Regal Rexnord will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a $0.35 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.40 annualized dividend and a yield of 1.13%. Regal Rexnord’s payout ratio is currently 47.46%.

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.