Regal Rexnord (NYSE:RRX) Updates 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.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RRX. Barclays boosted their price objective on shares of Regal Rexnord from $200.00 to $203.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. KeyCorp lifted their price objective 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. Finally, Oppenheimer upped their target price 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 analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $197.00.

Regal Rexnord Stock Performance

NYSE:RRX traded up $3.77 during trading hours on Monday, reaching $168.85. The company had a trading volume of 594,020 shares, compared to its average volume of 453,192. 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 firm has a market cap of $11.23 billion, a PE ratio of -192.89, a price-to-earnings-growth ratio of 1.64 and a beta of 1.16. The business’s 50 day moving average price is $169.91 and its 200-day moving average price is $146.05. Regal Rexnord has a 1-year low of $97.18 and a 1-year high of $183.85.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Wednesday, February 7th. The company reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.02. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company earned $2.64 earnings per share. The firm’s revenue for the quarter was up 29.2% on a year-over-year basis. Research analysts forecast that Regal Rexnord will post 10.05 EPS for the current year.

Regal Rexnord Dividend Announcement

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 of this dividend is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 0.83%. Regal Rexnord’s dividend payout ratio is currently -160.92%.

Insider Activity

In other news, EVP Jerrald R. Morton sold 2,992 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $154.34, for a total transaction of $461,785.28. Following the transaction, the executive vice president now owns 15,884 shares in the company, valued at approximately $2,451,536.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Thomas E. Valentyn sold 647 shares of the business’s 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 sale, the executive vice president now directly owns 28,412 shares in the company, valued at $4,821,516.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jerrald R. Morton sold 2,992 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 15,884 shares in the company, valued at approximately $2,451,536.56. The disclosure for this sale can be found here. Insiders sold 5,570 shares of company stock worth $892,301 over the last three months. 0.82% of the stock is currently owned by corporate 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.