KeyCorp Weighs in on Regal Rexnord Co.’s Q2 2023 Earnings (NYSE:RRX)

Posted by Defense World Staff on May 22nd, 2023

Regal Rexnord Co. (NYSE:RRX – Get Rating) – Equities research analysts at KeyCorp dropped their Q2 2023 earnings estimates for shares of Regal Rexnord in a report issued on Thursday, May 18th. KeyCorp analyst J. Hammond now expects that the company will post earnings per share of $2.48 for the quarter, down from their prior estimate of $2.60. KeyCorp currently has a “Overweight” rating and a $184.00 target price on the stock. The consensus estimate for Regal Rexnord’s current full-year earnings is $10.69 per share. KeyCorp also issued estimates for Regal Rexnord’s FY2024 earnings at $13.00 EPS.

Other equities analysts also recently issued research reports about the company. Barclays raised their target price on Regal Rexnord from $148.00 to $185.00 in a research report on Sunday, February 5th. Oppenheimer upped their target price on shares of Regal Rexnord from $180.00 to $190.00 and gave the stock an “outperform” rating in a report on Friday, February 3rd. StockNews.com started coverage on shares of Regal Rexnord in a report on Thursday. They set a “hold” rating for the company. Finally, Robert W. Baird decreased their price objective on shares of Regal Rexnord from $188.00 to $184.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 28th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $186.00.

Regal Rexnord Stock Up 0.3 %

Shares of RRX opened at $130.33 on Monday. The company has a quick ratio of 1.69, a current ratio of 2.92 and a debt-to-equity ratio of 1.12. The company has a 50-day moving average price of $132.96 and a two-hundred day moving average price of $134.53. The stock has a market cap of $8.64 billion, a price-to-earnings ratio of 24.32, a P/E/G ratio of 1.22 and a beta of 1.06. Regal Rexnord has a 12 month low of $108.28 and a 12 month high of $162.89.

Regal Rexnord Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $1.40 annualized dividend and a dividend yield of 1.07%. Regal Rexnord’s dividend payout ratio (DPR) is currently 26.12%.

Institutional Investors Weigh In On Regal Rexnord

Hedge funds and other institutional investors have recently made changes to their positions in the company. Proficio Capital Partners LLC acquired a new position in Regal Rexnord in the first quarter valued at approximately $26,000. Belpointe Asset Management LLC lifted its stake in shares of Regal Rexnord by 139.1% in the 1st quarter. Belpointe Asset Management LLC now owns 208 shares of the company’s stock valued at $29,000 after purchasing an additional 121 shares during the period. Artemis Wealth Advisors LLC acquired a new stake in shares of Regal Rexnord during the fourth quarter worth $35,000. My Personal CFO LLC acquired a new stake in shares of Regal Rexnord during the fourth quarter worth $36,000. Finally, Spire Wealth Management increased its holdings in Regal Rexnord by 115.5% in the first quarter. Spire Wealth Management now owns 278 shares of the company’s stock valued at $39,000 after purchasing an additional 149 shares during the last quarter. 99.98% of the stock is owned by institutional investors and hedge funds.

Regal Rexnord Company Profile

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Regal Rexnord Corp. engages in the manufacture of electric motors, electrical motion controls, power generation, and power transmission products. It operates through the following segments: Commercial Systems, Industrial Systems, Climate Solutions, and Power Transmission Solutions. The Commercial Systems segment produces fractional to 5 horsepower AC and DC motors, electric variable speed controls, fans, and blowers for commercial applications.