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

Regal Rexnord Co. (NYSE:RRX) was the recipient of a large increase in short interest in February. As of February 28th, there was short interest totalling 1,460,000 shares, an increase of 15.9% from the February 13th total of 1,260,000 shares. Currently, 2.2% of the company’s stock are short sold. Based on an average trading volume of 564,900 shares, the short-interest ratio is presently 2.6 days.

Institutional Trading of Regal Rexnord

Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted 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 buying an additional 28,278 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Regal Rexnord by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,104,090 shares of the company’s stock worth $183,195,000 after buying an additional 9,338 shares during the last quarter. First Hawaiian Bank purchased a new stake in shares of Regal Rexnord in the fourth quarter worth about $811,000. PNC Financial Services Group Inc. boosted its stake in shares of Regal Rexnord by 29.2% in the third quarter. PNC Financial Services Group Inc. now owns 12,311 shares of the company’s stock worth $2,042,000 after buying an additional 2,783 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in Regal Rexnord by 7.2% during the third quarter. Franklin Resources Inc. now owns 1,151,440 shares of the company’s stock worth $204,254,000 after purchasing an additional 77,215 shares in the last quarter. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Regal Rexnord Stock Performance

Shares of RRX stock traded up $1.41 during mid-day trading on Thursday, reaching $124.72. The stock had a trading volume of 162,309 shares, compared to its average volume of 477,109. The business’s fifty day moving average is $140.64 and its 200-day moving average is $157.13. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87. The firm has a market cap of $8.26 billion, a price-to-earnings ratio of 42.25, a PEG ratio of 1.37 and a beta of 1.11. Regal Rexnord has a 1-year low of $113.73 and a 1-year high of $185.28.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $2.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. On average, research analysts forecast that Regal Rexnord will post 9.95 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.12%. Regal Rexnord’s payout ratio is 47.46%.

Wall Street Analyst Weigh In

RRX has been the subject of several recent research reports. The Goldman Sachs Group boosted their price target on Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. StockNews.com lowered Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 16th. Jefferies Financial Group began coverage on Regal Rexnord in a research report on Thursday, December 12th. They set a “buy” rating and a $215.00 target price on the stock. Oppenheimer reduced their target price on Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Finally, Barclays reduced their target price on Regal Rexnord from $176.00 to $160.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Regal Rexnord has a consensus rating of “Moderate Buy” and a consensus price target of $195.75.

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.