Regal Rexnord (NYSE:RRX) Announces Quarterly Earnings Results

Regal Rexnord (NYSE:RRX) posted its earnings results on Monday. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.02, Briefing.com reports. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same period in the previous year, the firm earned $2.22 earnings per share. The company’s revenue was up 26.4% on a year-over-year basis. Regal Rexnord updated its FY24 guidance to $9.60-$10.40 EPS and its FY 2024 guidance to 9.600-10.400 EPS.

Regal Rexnord Stock Performance

Regal Rexnord stock traded down $7.98 during midday trading on Tuesday, hitting $160.87. The company’s stock had a trading volume of 323,870 shares, compared to its average volume of 453,516. The company has a 50-day moving average price of $169.94 and a two-hundred day moving average price of $146.36. Regal Rexnord has a 1-year low of $97.18 and a 1-year high of $183.85. The company has a market cap of $10.70 billion, a price-to-earnings ratio of -182.29, a PEG ratio of 1.64 and a beta of 1.16. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.55 and a quick ratio of 1.59.

Regal Rexnord Announces Dividend

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 $0.35 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.40 annualized dividend and a dividend yield of 0.87%. Regal Rexnord’s dividend payout ratio (DPR) is presently -160.92%.

Insider Activity

In other news, EVP Thomas E. Valentyn sold 1,931 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total transaction of $320,719.79. Following 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Regal Rexnord news, EVP Thomas E. Valentyn sold 1,931 shares of Regal Rexnord stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total value of $320,719.79. Following the transaction, the executive vice president now owns 27,180 shares in the company, valued at $4,514,326.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jerrald R. Morton sold 2,992 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $154.34, for a total transaction of $461,785.28. Following the completion of the sale, the executive vice president now owns 15,884 shares in the company, valued at $2,451,536.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,570 shares of company stock worth $892,301. Corporate insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on RRX. KeyCorp boosted their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a research report on Monday, March 25th. Barclays increased their price target on shares of Regal Rexnord from $200.00 to $203.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. Finally, Oppenheimer raised their price objective on Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, March 13th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $197.00.

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.