Regal Rexnord (NYSE:RRX) Updates FY 2024 Earnings Guidance

Regal Rexnord (NYSE:RRX) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 9.600-10.400 for the period, compared to the consensus EPS estimate of 10.130. The company issued revenue guidance of -. Regal Rexnord also updated its FY24 guidance to $9.60-$10.40 EPS.

Regal Rexnord Stock Up 2.4 %

Shares of NYSE RRX traded up $3.76 during midday trading on Thursday, hitting $161.13. 77,101 shares of the company’s stock were exchanged, compared to its average volume of 460,329. The firm’s fifty day simple moving average is $169.44 and its 200-day simple moving average is $146.68. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.55 and a quick ratio of 1.59. The company has a market cap of $10.72 billion, a PE ratio of -180.86, a P/E/G ratio of 1.64 and a beta of 1.16. Regal Rexnord has a twelve month low of $97.18 and a twelve month high of $183.85.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.02. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the previous year, the firm earned $2.22 EPS. The company’s revenue was up 26.4% compared to the same quarter last year. Research analysts predict that Regal Rexnord will post 10.05 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RRX shares. Oppenheimer boosted their price target on Regal Rexnord from $185.00 to $210.00 and gave the company an outperform rating in a research report on Wednesday, March 13th. Barclays cut their price objective on Regal Rexnord from $203.00 to $199.00 and set an overweight rating for the company in a research report on Wednesday. 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 report on Monday, March 25th. Finally, Robert W. Baird boosted their price objective on shares of Regal Rexnord from $205.00 to $208.00 and gave the company an outperform rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $195.60.

Insider Activity

In other news, EVP Thomas E. Valentyn sold 1,931 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $166.09, for a total transaction of $320,719.79. Following the completion of the sale, the executive vice president now directly owns 27,180 shares of the company’s stock, valued at approximately $4,514,326.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Regal Rexnord news, EVP Thomas E. Valentyn sold 1,931 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total transaction of $320,719.79. Following the completion of the sale, the executive vice president now directly owns 27,180 shares in the company, valued at $4,514,326.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas E. Valentyn sold 647 shares of Regal Rexnord stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total value of $109,795.90. Following the completion of the transaction, the executive vice president now directly owns 28,412 shares in the company, valued at $4,821,516.40. The disclosure for this sale can be found here. Insiders sold a total of 5,570 shares of company stock valued at $892,301 in the last 90 days. 0.82% of the stock is currently owned by insiders.

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.