Regal Rexnord (NYSE:RRX) Issues FY24 Earnings Guidance

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

Analysts Set New Price Targets

RRX has been the subject of a number of research analyst reports. Oppenheimer raised their target price on Regal Rexnord from $185.00 to $210.00 and gave the company an outperform rating in a research note on Wednesday, March 13th. Barclays boosted their target price on shares of Regal Rexnord from $200.00 to $203.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. Finally, KeyCorp increased their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock 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 given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $197.00.

Regal Rexnord Stock Down 4.6 %

Shares of RRX traded down $7.69 during trading hours on Tuesday, hitting $161.16. The company had a trading volume of 458,892 shares, compared to its average volume of 454,861. The stock has a market capitalization of $10.72 billion, a price-to-earnings ratio of -182.29, a P/E/G ratio of 1.64 and a beta of 1.16. The firm has a fifty day moving average price of $169.94 and a 200-day moving average price of $146.36. Regal Rexnord has a 52-week low of $97.18 and a 52-week high of $183.85. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.59 and a current ratio of 2.55.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Monday, May 6th. The company reported $2.00 earnings per share (EPS) 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 firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the prior year, the firm posted $2.22 earnings per share. The business’s revenue was up 26.4% on a year-over-year basis. On average, equities research analysts forecast that Regal Rexnord will post 10.05 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

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

Insiders Place Their Bets

In related news, 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 value of $461,785.28. Following the sale, the executive vice president now owns 15,884 shares in the company, valued at $2,451,536.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Regal Rexnord 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 transaction of $461,785.28. Following the completion of the sale, the executive vice president now directly owns 15,884 shares in the company, valued at approximately $2,451,536.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Thomas E. Valentyn sold 647 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $169.70, for a total transaction of $109,795.90. Following the completion of the transaction, the executive vice president now owns 28,412 shares in the company, valued at approximately $4,821,516.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,570 shares of company stock valued at $892,301. 0.82% of the stock is owned by insiders.

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.