Regal Rexnord (NYSE:RRX) Issues FY24 Earnings Guidance

Regal Rexnord (NYSE:RRX) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $9.60-$10.40 for the period, compared to the consensus EPS estimate of $10.11. Regal Rexnord also updated its FY 2024 guidance to 9.600-10.400 EPS.

Regal Rexnord Trading Down 4.6 %

Shares of RRX stock traded down $7.69 during trading hours on Tuesday, hitting $161.16. 458,892 shares of the company were exchanged, compared to its average volume of 454,861. The firm has a fifty day moving average of $169.94 and a 200 day moving average of $146.36. The company has a quick ratio of 1.59, a current ratio of 2.55 and a debt-to-equity ratio of 1.00. Regal Rexnord has a 1 year low of $97.18 and a 1 year high of $183.85. The firm has a market cap of $10.72 billion, a PE ratio of -182.29, a PEG ratio of 1.64 and a beta of 1.16.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.02. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. The firm’s revenue for the quarter was up 26.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.22 earnings per share. Analysts expect that Regal Rexnord will post 10.05 earnings per share for the current year.

Regal Rexnord Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 0.87%. Regal Rexnord’s dividend payout ratio (DPR) is -160.92%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Barclays upped their price target on shares of Regal Rexnord from $200.00 to $203.00 and gave the stock an overweight rating in a research report on Tuesday, April 2nd. Oppenheimer lifted their price objective on shares of Regal Rexnord from $185.00 to $210.00 and gave the company an outperform rating in a research note on Wednesday, March 13th. Finally, KeyCorp upped their target price on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an overweight rating in a research note on Monday, March 25th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $197.00.

Insider Buying and Selling

In related news, EVP Jerrald R. Morton sold 2,992 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $154.34, for a total value of $461,785.28. Following the completion of the sale, the executive vice president now directly owns 15,884 shares of the company’s stock, valued at $2,451,536.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Thomas E. Valentyn sold 647 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total transaction of $109,795.90. Following the completion of the sale, the executive vice president now owns 28,412 shares of the company’s stock, valued at approximately $4,821,516.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jerrald R. Morton sold 2,992 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $154.34, for a total transaction of $461,785.28. Following the completion of the transaction, the executive vice president now directly owns 15,884 shares in the company, valued at approximately $2,451,536.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,570 shares of company stock worth $892,301. Insiders own 0.82% of the company’s stock.

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.