Regal Rexnord (NYSE:RRX) Releases Earnings Results, Beats Estimates By $0.02 EPS

Regal Rexnord (NYSE:RRX) issued its quarterly earnings results on Monday. The company reported $2.00 EPS for the quarter, topping 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 company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same quarter last year, the business earned $2.22 earnings per share. Regal Rexnord’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 Down 6.8 %

Shares of Regal Rexnord stock opened at $157.36 on Wednesday. The company’s 50 day moving average price is $169.70 and its 200-day moving average price is $146.61. Regal Rexnord has a 52-week low of $97.18 and a 52-week high of $183.85. The stock has a market capitalization of $10.46 billion, a price-to-earnings ratio of -180.87, a P/E/G ratio of 1.64 and a beta of 1.16. 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 Announces Dividend

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

Wall Street Analysts Forecast Growth

RRX has been the topic of several research analyst reports. Oppenheimer raised their price objective on Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, March 13th. KeyCorp lifted their price objective on Regal Rexnord from $180.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. Finally, Barclays lifted their target price on Regal Rexnord from $200.00 to $203.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $197.00.

Insider Buying and Selling

In other Regal Rexnord news, EVP Jerrald R. Morton sold 2,992 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 15,884 shares of the company’s stock, valued at $2,451,536.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 value of $109,795.90. Following the transaction, the executive vice president now directly owns 28,412 shares of the company’s stock, valued at approximately $4,821,516.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jerrald R. Morton sold 2,992 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $154.34, for a total value of $461,785.28. Following the sale, the executive vice president now directly owns 15,884 shares in the company, valued at $2,451,536.56. The disclosure for this sale can be found here. Insiders sold 5,570 shares of company stock valued at $892,301 over the last quarter. 0.82% of the stock is owned by company 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.