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

Regal Rexnord Co. (NYSE:RRX) was the recipient of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 1,870,000 shares, a growth of 24.7% from the March 15th total of 1,500,000 shares. Based on an average daily trading volume, of 711,200 shares, the short-interest ratio is currently 2.6 days. Approximately 2.8% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RRX. HighTower Advisors LLC grew its stake in Regal Rexnord by 7.3% during the 3rd quarter. HighTower Advisors LLC now owns 2,451 shares of the company’s stock valued at $403,000 after acquiring an additional 167 shares in the last quarter. Tidal Investments LLC increased its stake in Regal Rexnord by 4.8% in the 3rd quarter. Tidal Investments LLC now owns 7,605 shares of the company’s stock valued at $1,262,000 after buying an additional 347 shares during the period. Franklin Resources Inc. lifted its position in Regal Rexnord by 7.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company’s stock worth $204,254,000 after buying an additional 77,215 shares in the last quarter. American Trust boosted its stake in shares of Regal Rexnord by 11.5% during the 3rd quarter. American Trust now owns 1,797 shares of the company’s stock valued at $298,000 after buying an additional 185 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Regal Rexnord by 6.9% in the third quarter. JPMorgan Chase & Co. now owns 436,307 shares of the company’s stock worth $72,375,000 after acquiring an additional 28,278 shares during the last quarter. 99.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. StockNews.com downgraded Regal Rexnord from a “buy” rating to a “hold” rating in a research report on Wednesday. Barclays reduced their price objective on shares of Regal Rexnord from $160.00 to $155.00 and set an “overweight” rating for the company in a report on Wednesday, March 26th. KeyCorp dropped their price target on shares of Regal Rexnord from $180.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Oppenheimer lowered 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. Finally, The Goldman Sachs Group decreased their price target on Regal Rexnord from $183.00 to $163.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $170.75.

Regal Rexnord Price Performance

Shares of RRX traded up $1.74 during trading hours on Friday, hitting $98.38. 839,476 shares of the company were exchanged, compared to its average volume of 531,040. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.26 and a quick ratio of 1.25. Regal Rexnord has a one year low of $90.56 and a one year high of $185.28. The company has a market capitalization of $6.52 billion, a PE ratio of 33.35, a PEG ratio of 1.37 and a beta of 1.09. The firm has a fifty day simple moving average of $118.11 and a 200-day simple moving average of $148.46.

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

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 14th. Stockholders of record on Monday, March 31st were given a $0.35 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.42%. Regal Rexnord’s dividend payout ratio (DPR) is presently 47.46%.

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.