Regal Rexnord (NYSE:RRX) Issues Quarterly Earnings Results

Regal Rexnord (NYSE:RRX) announced its quarterly earnings results on Monday. The company reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.02, Briefing.com reports. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The company’s revenue for the quarter was up 26.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.22 earnings per share. 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

NYSE:RRX opened at $157.36 on Wednesday. The stock has a market cap of $10.46 billion, a P/E ratio of -180.87, a PEG ratio of 1.64 and a beta of 1.16. The stock has a 50 day simple moving average of $169.70 and a 200 day simple moving average of $146.61. The company has a current ratio of 2.55, a quick ratio of 1.59 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.

Regal Rexnord Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 annualized dividend and a yield of 0.89%. Regal Rexnord’s payout ratio is currently -160.92%.

Insider Buying and Selling

In related news, EVP Thomas E. Valentyn sold 1,931 shares of Regal Rexnord stock in a transaction that occurred 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 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Thomas E. Valentyn sold 1,931 shares of the company’s 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 completion of the sale, the executive vice president now directly owns 27,180 shares in the company, valued at approximately $4,514,326.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas E. Valentyn sold 647 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total value of $109,795.90. Following the sale, the executive vice president now owns 28,412 shares of the company’s stock, valued at $4,821,516.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,570 shares of company stock valued at $892,301. Insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.